Danaher Corporation Announces Record Second Quarter Results
PRNewswire-FirstCall
WASHINGTON

Danaher Corporation announced today that net earnings for its second quarter ended July 2, 2004 were $182 million, 46% higher than its 2003 second quarter net earnings of $125 million. Diluted earnings per share for the 2004 second quarter were $0.56, a 44% increase over the comparable $0.39 for the 2003 second quarter. Sales for the 2004 second quarter were $1,621 million, 25% higher than the $1,299 million reported for the 2003 second quarter.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are again pleased to report record quarterly earnings. We are particularly pleased to report growth of 10% from existing businesses, also known as core revenues. Total sales growth for the quarter also includes acquisition growth of 13% and currency gains of 2%. Both the Process/Environmental Controls and Tools and Components segments delivered solid results, finishing the quarter with 9.5% and 11% core revenue growth, respectively. Our operating cash flow for the first half of 2004 of $499 million was another record and an 11% increase over the 2003 first half. The broad-based strength we continue to see across our businesses reinforces our confidence in our ability to deliver positive results for the balance of 2004."

Danaher Corporation is a leading manufacturer of Process/Environmental Controls and Tools and Components. (http://www.danaher.com/)

Statements in this release, including the attachments to this release, that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include risks and uncertainties relating to customer and supplier relationships and prices, competition, market demand, litigation and other contingent liabilities, the integration and operation of acquired businesses, and economic, political, governmental and technological factors affecting the Company's operations, markets, products, services and prices, among others, as set forth in the Company's SEC filings.

                           DANAHER CORPORATION
              CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                (000's omitted, except per share amounts)
                               (unaudited)

                          Three Months Ended            Six Months Ended

                    July 2, 2004  June 27, 2003  July 2, 2004  June 27, 2003

  Sales                $1,621,245    $1,299,432    $3,164,436    $2,495,647

  Operating costs
   and expenses:
    Cost of sales         935,536       774,546     1,847,466     1,503,362
    Selling, general
     and administrative
     expenses             414,827       323,675       821,808       624,856
    Gain on sale of
     real estate           (1,360)           --        (2,046)         (775)

    Total operating
     expenses           1,349,003     1,098,221     2,667,228     2,127,443
  Operating profit        272,242       201,211       497,208       368,204
    Interest expense       12,716        15,201        27,166        29,481
    Interest income          (808)       (2,177)       (2,327)       (4,541)
  Earnings before
   income taxes           260,334       188,187       472,369       343,264
    Income taxes           78,101        63,043       144,892       114,994
  Net earnings           $182,233      $125,144      $327,477      $228,270

  Basic earnings per
   share                    $0.59         $0.41         $1.06          $.75

  Diluted earnings per
   share                    $0.56         $0.39         $1.01          $.72

  Average common stock
   and common equivalent
   shares outstanding
      Basic               308,832       306,370       308,618       306,062
      Diluted             327,272       322,402       326,878       321,868


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: Andy Wilson, VP, Investor Relations, of Danaher Corporation,
+1-202-828-0850