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Danaher Reports 2008 Results

Danaher Corporation (Danaher) has reported sales of $12.7 billion for the year 2008, compared with the sales of $11 billion in the previous year-end. It has also reported net earnings of $1.3 billion, or $3.95 per diluted share, for the year 2008, compared with the net earnings of $1.4 billion, or $4.19 per diluted share, in the previous year-end.

Net earnings for the fourth quarter were $305.7 million, or $0.92 per diluted share. Included in the fourth quarter results are certain non-cash charges related to the acquisition of Tektronix for fair value adjustments to recorded inventory and deferred revenue which reduced net earnings by around $5 million or $0.01 per diluted share, as well as after-tax charges of around $62 million or $0.18 per diluted share related to previously announced restructuring activities. Absent these two items, adjusted earnings per diluted share was $1.11, essentially flat versus last year’s adjusted earnings per diluted share from continuing operations of $1.12.

Sales from continuing operations for the 2008 fourth quarter were $3.18 billion, 1% higher than the $3.14 billion reported for the 2007 fourth quarter.

Included in the full year 2008 earnings per diluted share are the fourth quarter 2008 items noted above, as well as the non-cash charges recorded in the first three quarters of 2008 related to the acquisition of Tektronix for fair value adjustments to recorded inventory and deferred revenue which reduced net earnings by around $0.12 per diluted share and gains from the net reduction in income tax reserves and discrete tax benefits of around $0.03 per diluted share. Absent these items, adjusted earnings per diluted share were $4.23, an increase of 10.5% compared to the 2007 full year adjusted earnings per diluted share from continuing operations of $3.83.

Sales from continuing operations for 2008 were $12.7 billion compared to $11 billion for 2007, an increase of 15%.

Attached is a reconciliation of adjusted diluted net earnings per share from continuing operations to diluted net earnings per share from continuing operations calculated according to GAAP, for the three and twelve month periods ended December 31, 2008 and the comparable prior year periods.

H. Lawrence Culp, president and chief executive officer, stated, ‘The dramatic downturn in the global economy in the latter part of 2008 negatively impacted a number of our businesses, our end markets and our customers. In spite of these unprecedented headwinds we were able to deliver a solid 2008 performance. Core revenues decreased 1% in the quarter and increased 2.5% for the full year. Operating cash flow from continuing operations in 2008 was a record $1.9 billion, representing a 9.5% increase over our record 2007 performance. While we expect 2009 to be a difficult year, we believe our solid portfolio of businesses, our strong balance sheet and the Danaher Business System will provide our experienced team the opportunity to outperform.’