PR Newswire
WASHINGTON, April 22, 2021
WASHINGTON, April 22, 2021 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) (the "Company") today announced results for the first quarter 2021. All results in this release reflect only continuing operations unless otherwise noted.
For the quarter ended April 2, 2021, net earnings were $1.7 billion, or $2.29 per diluted common share which represents a 182.5% year-over-year increase from the comparable 2020 period. Non-GAAP adjusted diluted net earnings per common share were $2.52 which represents a 140.0% increase over the comparable 2020 period.
Revenues increased 58.0% year-over-year to $6.9 billion, with 30.0% non-GAAP core revenue growth including Cytiva.
Operating cash flow was $1.9 billion, representing a 126.5% increase year-over-year, and non-GAAP free cash flow was $1.6 billion, representing a 135.0% increase year-over-year.
For the second quarter 2021, the Company anticipates that non-GAAP core revenue growth will be in the mid-20 percent range.
For the full year 2021, the Company now anticipates that the non-GAAP core revenue growth rate including Cytiva will be in the high-teens percent range.
Rainer M. Blair, President and Chief Executive Officer, stated, "We had a very strong start to the year, delivering better-than-expected first quarter results across our portfolio. This broad-based outperformance was driven by double-digit core revenue growth in our base business, and our ongoing contributions to the development and production of COVID-19 vaccines, therapeutics and diagnostic tests. Our record top-line performance contributed to strong earnings per share growth and cash flow generation and, we believe, continued market share gains in many of our businesses."
Danaher will discuss its results during its quarterly investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website, www.danaher.com, under the subheading "Events & Presentations." A replay of the webcast will be available in the same section of Danaher's website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.
The conference call can be accessed by dialing 866-503-8675 within the U.S. or by dialing +1-786-815-8792 outside the U.S. a few minutes before the 8:00 a.m. ET start and telling the operator that you are dialing in for Danaher's earnings conference call (access code 7050169). A replay of the conference call will be available shortly after the conclusion of the call and until May 6, 2021. You can access the replay dial-in information on the "Investors" section of Danaher's website under the subheading "Events & Presentations." In addition, presentation materials relating to Danaher's results have been posted to the "Investors" section of Danaher's website under the subheading "Quarterly Earnings."
ABOUT DANAHER
Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands has leadership positions in the demanding and attractive health care, environmental and applied end-markets. With more than 20 operating companies, Danaher's globally diverse team of approximately 69,000 associates is united by a common culture and operating system, the Danaher Business System, and its Shared Purpose, Helping Realize Life's Potential. For more information, please visit www.danaher.com.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical, including the statements regarding the Company's expected financial performance for the second quarter and full year 2021 and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, the highly uncertain and unpredictable severity, magnitude and duration of the COVID-19 pandemic (and the related governmental, business and community responses thereto) on our business, results of operations and financial condition, the impact of our debt obligations (including the debt incurred to finance the acquisition of Cytiva) on our operations and liquidity, deterioration of or instability in the economy, the markets we serve and the financial markets (including as a result of the COVID-19 pandemic), uncertainties relating to U.S. laws or policies, including potential changes in U.S. trade policies and tariffs and the reaction of other countries thereto, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including rules relating to off-label marketing and other regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments and successfully complete divestitures and other dispositions, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities on our ability to grow, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labor matters, international economic, political, legal, compliance, social and business factors (including the impact of the United Kingdom's separation from the EU and uncertainties relating to such separation), disruptions relating to man-made and natural disasters (including pandemics such as COVID-19) and pension plan costs. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2020 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the first quarter of 2021. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
DANAHER CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS ($ and shares in millions, except per share amounts) (unaudited) | |||||||
| |||||||
| Three-Month Period Ended | ||||||
| April 2, 2021 | | April 3, 2020 | ||||
Sales | $ | 6,858 | | | $ | 4,343 | |
Cost of sales | (2,605) | | | (1,900) | | ||
Gross profit | 4,253 | | | 2,443 | | ||
Operating costs: | | | | ||||
Selling, general and administrative expenses | (1,876) | | | (1,458) | | ||
Research and development expenses | (380) | | | (287) | | ||
Operating profit | 1,997 | | | 698 | | ||
Nonoperating income (expense): | | | | ||||
Other income (expense), net | 140 | | | (2) | | ||
Interest expense | (58) | | | (47) | | ||
Interest income | 4 | | | 62 | | ||
Earnings before income taxes | 2,083 | | | 711 | | ||
Income taxes | (381) | | | (116) | | ||
Net earnings | 1,702 | | | 595 | | ||
Mandatory convertible preferred stock dividends | (41) | | | (19) | | ||
Net earnings attributable to common stockholders | $ | 1,661 | | | $ | 576 | |
Net earnings per common shares: | | | | ||||
Basic | $ | 2.33 | | | $ | 0.83 | |
Diluted | $ | 2.29 | | | $ | 0.81 | |
Average common stock and common equivalent shares outstanding: | | | | ||||
Basic | 713.2 | | | 697.2 | | ||
Diluted | 735.1 | | | 707.9 | | ||
| | | | | | ||
This information is presented for reference only. A complete copy of Danaher's Form 10-Q financial statements is available on the Company's website (www.danaher.com). |
Adjusted Diluted Net Earnings Per Common Share 1 | |||||||
| |||||||
| Three-Month Period Ended | ||||||
| April 2, 2021 | | April 3, 2020 | ||||
Diluted Net Earnings Per Common Share (GAAP) | $ Werbung Mehr Nachrichten zur Danaher Aktie kostenlos abonnieren
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