George M. Sherman, President and Chief Executive Officer, stated, "We are pleased to report record first quarter results in sales, earnings, and cash flow. We achieved 16% overall sales growth driven by acquisitions. As expected, a weakening domestic economy resulted in a core volume decline in our Tools and Components segment, principally at Jacobs Brake and our short cycle tools businesses. This decline was substantially offset by 8% core volume growth in the Process/Environmental Controls segment. Operating cash flow increased 25% and operating profit reached record levels, as cost containment activities in both business segments compensated for the expected decline in our Tools and Components segment. While our outlook remains cautious relative to the domestic economic environment, we believe Danaher will continue to outperform in 2001."
Danaher Corporation is a leading manufacturer of Process/Environmental Controls and Tools and Components. (http://www.danaher.com/ )
Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing, and competitive and technological factors, among others, as set forth in the company's SEC filings.
DANAHER CORPORATION Results of Operations (thousands, except per share amounts) (unaudited) Three Months Ended March 30, March 31, 2001 2000 Net sales $ 1,005,283 $867,847 Cost of sales 628,398 537,958 Selling, general and administrative expenses 223,862 202,486 Goodwill and other amortization 14,605 9,774 Total operating expenses 866,865 750,218 Operating profit 138,418 117,629 Interest expense, net 6,296 2,213 Earnings from continuing operations before income taxes 132,122 115,416 Income taxes 49,545 43,859 Net earnings $82,577 $71,557 Basic earnings per share $ .58 $ .50 Average common stock outstanding 142,874 142,751 Diluted earnings per share $ .56 $ .49 Average common stock and common equivalent shares outstanding 150,466 145,370
A complete copy of Danaher's Form 10-Q financial statements is available on the Company's web site (http://www.danaher.com/ ).
SOURCE: Danaher Corporation
Contact: Patrick Allender, Chief Financial Officer of Danaher