Danaher Corporation Announces Record First Quarter Results
PRNewswire
WASHINGTON

Danaher Corporation announced today that net earnings for its first quarter ended March 30, 2001 were a record $82.6 million, 15% above net earnings for the comparable 2000 period of $71.6 million. Diluted earnings per share for the 2001 quarter were $.56, 14% above the comparable $.49 for the 2000 first quarter. Sales for the 2001 first quarter were $1,005.3 million, 16% higher than the $867.8 million for the 2000 first quarter.

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
Corporation, 202-828-0850