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DANAHER REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2011 RESULTS
WASHINGTON, D.C., January 31, 2012 Danaher Corporation (NYSE:DHR) today announced results for the fourth quarter and full year 2011. All financial metrics in this release reflect only the Companys continuing operations unless otherwise noted.
Net earnings for the quarter ended December 31, 2011 were $563.6 million, or $0.79 per share on a diluted basis, a 19.5% increase over diluted net earnings per share of $0.66 for the fourth quarter 2010. On a non-GAAP basis, which reflects the adjustments identified in the attached reconciliation schedule, 2011 fourth quarter adjusted net earnings were $577.0 million, or $0.81 per share on a diluted basis, a 26.5% increase over 2010 fourth quarter adjusted diluted net earnings per share of $0.64. Sales for the 2011 fourth quarter were $4.7 billion, 37.5% higher than the $3.4 billion reported for the 2010 fourth quarter. Core revenues increased 4% in the quarter compared to the fourth quarter of 2010.
Net earnings for the full year 2011 were $1.9 billion, or $2.77 per share on a diluted basis, compared with net earnings of $1.7 billion, or $2.53 per share on a diluted basis for the full year 2010. On a non-GAAP basis, full year 2011 adjusted net earnings were $2.0 billion, or $2.83 per share on a diluted basis, a 28.5% increase over full year 2010 adjusted diluted net earnings per share of $2.20. Revenues for the full year 2011 were $16.1 billion compared to $12.6 billion for the full year 2010, an increase of 28%. Core revenues increased 7% for the full year 2011 compared to the full year 2010.
The company anticipates that 2012 diluted net earnings per share for the quarter ending March 31, 2012 will be in the range of $0.66 to $0.71. The company reaffirms full year 2012 diluted net earnings per share guidance of $3.20 to $3.35.
H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, 2011 was a tremendous year for Danaher. Our teams execution through the Danaher Business System led to an outstanding year of core revenue, earnings growth and a record $2.4 billion of free cash flow generation. We believe our continued investments in growth and the structural cost actions undertaken in the fourth quarter of 2011 position us well for another year of superior financial performance.
Danaher will discuss its results during its investor conference call today starting at 7:30 a.m. EST. The call and an accompanying slide presentation will be webcast on the Investors section of Danahers website at www.danaher.com. A replay of the webcast can be accessed on the Investors section of Danahers website, under the subheading Investor Events, shortly after the conclusion of the presentation, and the webcast will remain available until the next quarterly earnings call. The conference call can be accessed by dialing 888-572-7025 within the U.S. or 719-325-2474 outside the US a few minutes before the 7:30 a.m. EST start and telling the operator that you are dialing in for Danahers investor conference call, access code 4407361. A replay of the conference call will be available shortly after the conclusion of the call and through Tuesday, February 7, 2012. You can access the replay by dialing 888-203-1112 within the U.S. or 719-457-0820 outside the U.S. with the access code 4407361. In addition, presentation materials relating to Danahers results have been posted to the Investors section of Danahers website under the subheading Financial Information.
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Danaher is a science and technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Our premier brands are among the most highly recognized in each of the markets we serve. The Danaher Business System provides a foundation to our 59,000 associates around the world, serving customers in more than 125 countries. In 2011, we generated $16.1 billion of revenue. For more information please visit our website: www.danaher.com.
The following information was filed by Danaher Corp (DHR) on Tuesday, January 31, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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