Danaher Q3 Profit Beats Estimates, Reaffirms Full-year View - Update

(RTTNews) - Diversified machinery maker Danaher Corp. (DHR) Thursday reported a higher third-quarter profit that exceeded analysts' expectations, benefited by an increase in sales. The company issued earnings per share guidance for the fourth quarter, and reaffirmed its full year 2013 adjusted earnings view.

Looking ahead, Lawrence Culp, Jr., president and chief executive officer of the company said, "We believe our focus on accelerating our growth spending and our productivity and efficiency initiatives, combined with our optimism on the acquisition front, position us well for the balance of 2013 and beyond."

In the third quarter, the company's net earnings increased to $597 million or $0.84 per share from $548.7 million or $0.77 per share in the prior-year quarter.

On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.83 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly sales grew 5.5 percent to $4.67 billion from last year's $4.42 billion. Eighteen analysts had consensus revenue estimate of $4.62 billion for the quarter.

Core revenue, that excluded acquisitions, and impact of currency translation, improved 3 percent.

"Our team has continued to execute well using the Danaher Business System to deliver solid core revenue growth, operating margin expansion and cash flow performance in the quarter," Culp said.

For the fourth quarter, the company anticipates net earnings per share from continuing operations to be in the range of $0.91 to $0.96. Analysts expect the company to report earnings of $0.96 per share for the fourth-quarter.

For full year 2013, net earnings per share from continuing operations are expected to be between $3.60 and $3.65. The firm still expects full-year adjusted net earnings per share to be $3.37 to $3.42.

Analysts are looking for earnings of $3.40 per share for 2013.

DHR closed Wednesday's regular trading at $69.15 on the NYSE.