Danaher Reports Record Fourth Quarter And Full Year 2014 Results
WASHINGTON, Jan. 27, 2015 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) today announced results for the fourth quarter and full year 2014.
For the fourth quarter ended December 31, 2014, adjusted diluted net earnings per share were $1.04 on a non-GAAP basis, which reflects the adjustments identified in the attached reconciliation schedule. This represents an 8.3% increase over the comparable 2013 amount. On a GAAP basis, net earnings for the fourth quarter were $662 million, or $0.92 per share on a diluted basis. Revenues for the 2014 fourth quarter increased 3.0% to $5.4 billion with core revenues increasing 4.0%.
Net earnings for the full year 2014 were $2.6 billion, or $3.63 per share on a diluted basis. On a non-GAAP basis, which reflects the adjustments identified in the attached reconciliation schedule, full year 2014 adjusted diluted net earnings were $3.68 per share representing an increase of 7.6% over the comparable amount in 2013. Revenues for the full year 2014 increased 4.0% to $19.9 billion with core revenues increasing 3.5%.
The Company anticipates that non-GAAP, adjusted diluted net earnings per share for the first fiscal quarter of 2015 will be in the range of $0.90 to $0.94. The Company is also updating its full year 2015 adjusted diluted net earnings per share guidance, which is now expected to be in the range of $4.30 to $4.40, reflecting the adjustments identified on the attached reconciliation schedule. The strengthening of the US dollar since December is expected to reduce 2015 earnings by approximately $0.10 per share on a diluted basis. The Company anticipates offsetting $0.05 per share of this currency impact from savings associated with incremental fourth quarter 2014 productivity initiatives, recent acquisitions, and other actions. Core revenue for the full year 2015 is anticipated to grow between 3% and 4%.
Thomas P Joyce, Jr., President and Chief Executive Officer, stated, "We delivered a strong finish to the year with core revenue growth exceeding our expectations. Our team executed well, using the tools of the Danaher Business System to gain market share while driving solid core margin expansion and record free cash flow generation. While cognizant of the current macroeconomic challenges, our investments in growth and productivity initiatives combined with a robust balance sheet give us confidence in our ability to outperform in 2015 and beyond."
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 "Investor Events." 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 800-768-6563 within the U.S. or by dialing 785-830-7991 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 investor conference call (access code 1202913). A replay of the conference call will be available shortly after the conclusion of the call and until Tuesday, February 3, 2015. The replay can be accessed by dialing 888-203-1112 within the U.S. or 719-457-0820 outside the U.S. with the access code 1202913. In addition, presentation materials relating to Danaher's results have been posted to the "Investors" section of Danaher's website under the subheading "Financial Information Quarterly Earnings."
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 have unparalleled leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. The Company's globally diverse team of 71,000 associates is united by a common culture and operating system, the Danaher Business System. In 2014, Danaher generated $19.9 billion in revenue and its market capitalization exceeded $60 billion. For more information please visit: www.danaher.com.
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial 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 and other information relating to these 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 anticipated adjusted diluted net earnings per share for the first quarter and full year 2015, anticipated 2015 core revenue growth, anticipated impact of foreign currency translation in 2015 (as well as the anticipated offsetting impact from incremental fourth quarter 2014 productivity initiatives, recent acquisitions, and other actions), the anticipated impact of macroeconomic challenges including the anticipated impact of the Company's growth and productivity investments and balance sheet position 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.
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