Danaher Corporation Announces Record Third Quarter Results
PRNewswire-FirstCall
WASHINGTON

Danaher Corporation announced today that net earnings for its third quarter ended October 1, 2004 were $201 million, 45% higher than its 2003 third quarter net earnings of $139 million. Diluted earnings per share for the 2004 third quarter were $0.62, a 41% increase over the comparable $0.44 for the 2003 third quarter. Sales for the 2004 third quarter were $1,745 million, 33% higher than the $1,309 million reported for the 2003 third quarter.

For the nine month period ended October 1, 2004, net earnings were $528 million, up 44% from the $367 million reported in 2003. Diluted earnings per share for the 2004 nine month period of $1.63 increased 41% from the $1.16 in 2003. Sales of $4,910 million for the 2004 nine month period were 29% higher than the $3,805 million reported in 2003.

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 9% from existing businesses, also known as core revenues. Total sales growth for the quarter also includes acquisition growth of 22% and currency gains of 2%. Both the Process/Environmental Controls and Tools and Components segments delivered solid results, finishing the quarter with 10% and 7% core revenue growth, respectively. Our operating cash flow for the first nine months of 2004 of $769 million was another record and a 24% increase over the first nine months of 2003. The strength we continue to see across our businesses through the first nine months of this year, reinforces our confidence in our ability to deliver excellent results for all 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              Nine Months
                                    Ended                    Ended
                            Oct. 1,      Sept 26,     Oct. 1,      Sept 26,
                             2004         2003         2004         2003

  Sales                    $1,745,285   $1,309,451   $4,909,721   $3,805,098
  Operating costs
   and expenses:
     Cost of sales          1,005,292      766,948    2,852,758    2,270,310
     Selling,
      general and
      administrative
      expenses                452,126      326,831     1,273,934     951,687
     Gain on sales
      of real estate          (4,054)         (93)       (6,100)       (868)

  Total operating
   expenses                 1,453,364    1,093,686     4,120,592   3,221,129

  Operating profit            291,921      215,765       789,129     583,969

  Interest expense           (13,619)     (14,520)      (40,785)    (44,003)
     Interest income            2,530        2,605         4,857       7,148

  Earnings before
   income taxes               280,832      203,850       753,201     547,114
     Income taxes            (80,039)     (65,232)     (224,931)   (180,226)

  Net earnings               $200,793     $138,618      $528,270    $366,888


  Basic earnings per
   share                        $0.65        $0.45         $1.71       $1.20

  Diluted earnings
   per share                    $0.62        $0.44         $1.63       $1.16

  Average common
  stock and common
  equivalent shares
  outstanding
            Basic             309,126      307,076       308,787     306,400
            Diluted           327,967      323,542       327,241     322,426


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, Vice President, Investor Relations, of Danaher
Corporation, +1-202-828-0850