Mr. Culp stated, "The economic environment for manufacturers continues to be extremely soft. While we foresaw the likely continuation of softness into the second quarter, the accelerated rate of decline in the U.S., coupled with added slowness in Europe and Asia, has made the revenue picture more challenging in recent weeks. Year over year second quarter sales growth will likely show a mid-single digit increase, but with a core volume revenue decline of four to six percent. Because of our continued focus on broad based cost actions, we expect to deliver our second quarter earnings expectations. If the current revenue weakness continues through the second half, we believe our ongoing cost reduction actions will allow us to perform at levels above prior year earnings levels for the second half, although below current analyst estimates. Furthermore, the lower cost structure will provide added performance leverage as economic conditions improve."
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.
SOURCE: Danaher Corporation
Contact: Patrick Allender, Chief Financial Officer of Danaher