Danaher Profit Slides on Currency Woes
October 22 2015 - 07:18AM
Dow Jones News
By Ezequiel Minaya
Industrial conglomerate Danaher Corp. on Thursday posted
earnings that dropped 13% as the company faced currency
headwinds.
In the latest quarter ended Oct. 2, the Washington, D.C.-based
company faced foreign exchange volatility that had a negative
impact of 7% on the top line.
The company added that it expects upcoming fourth-quarter
earnings to land between an adjusted $1.25 a share and $1.29 a
share.
Overall, the company posted a profit of $590 million , or 85
cents a share, down from $681.3 million or 95 cents a share a year
earlier. Excluding certain items, earnings on a per-share basis
were $1.05.
Revenue climbed 6.7% to $5.02 billion.
Analysts surveyed by Thomson Reuters forecast per-share earnings
at $1.04 cents a share on revenue of $5.06 billion.
In May, Danaher Corp said it had agreed to buy Pall Corp. for
about $13.6 billion and unveiled plans to split itself into two
separate companies.
Pall, based in Port Washington, N.Y., sells purification and
filtration products to a wide range of customers including
biopharmaceutical companies, airplane manufactures, brewers and
municipal water suppliers. Including debt and net of acquired cash,
the deal was valued at $13.8 billion.
The two resulting businesses would be a science and technology
company, which would include Pall and an industry company.
The science business was slated to keep the Danaher name and
include Danaher's life sciences and diagnostics and dental
segments, as well as its water quality and product-identification
platforms. The company hopes to complete the split around the end
of 2016.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 22, 2015 07:03 ET (11:03 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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