Danaher Corporation announced today that net earnings for its first quarter ended April 2, 2004 were $145.2 million, 41% higher than its 2003 first quarter net earnings of $103.1 million. Diluted earnings per share for the 2004 first quarter were $0.90, a 38% increase over the comparable $0.65 for the 2003 first quarter. Sales for the 2004 first quarter were $1,543 million, 29% higher than the $1,196 million reported for the 2003 first quarter.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are again pleased to report record first quarter earnings. We are particularly pleased to report growth of 12.5% from existing businesses, also known as core revenues, which includes approximately 4.5% of growth attributable to three additional business days in the 2004 fiscal quarter compared with 2003. Total sales growth for the quarter also includes acquisition growth of 12% and currency gains of 4.5%. Both the Process/Environmental Controls and Tools and Components segments delivered solid core growth results, finishing the quarter with 11% and 18% core revenue growth respectively, which includes the effect of the extra reporting days. Our operating cash flow of $251.9 million was another first quarter record and a 17.5% increase over the 2003 first quarter. We continue to see strength across most of our businesses as well as in many of our end markets and we are confident we are well positioned to deliver positive results for the balance of the year."

Danaher Corporation is a leading manufacturer of Process/Environmental Controls and Tools and Components. (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
                                                  April 2,      March 28,
                                                    2004          2003

  Sales                                         $1,543,191    $ 1,196,215
  Operating costs and expenses:
    Cost of sales                                  911,930        728,816
    Selling, general and administrative expenses   406,981        301,181
    Gain on sale of real estate                       (686)          (775)

    Total operating expenses                     1,318,225      1,029,222
  Operating profit                                 224,966        166,993
    Interest expense                               (14,450)       (14,094)
    Interest income                                  1,519          2,178
  Earnings before income taxes                     212,035        155,077
    Income taxes                                    66,791         51,951

  Net earnings                                    $145,244       $103,126

  Basic earnings per share:                           $.94           $.67

  Diluted earnings per share:                         $.90           $.65

  Average common stock and
   common equivalent shares outstanding
      Basic                                        154,201        152,877
      Diluted                                      163,242        160,667

  See notes to consolidated condensed financial statements.

A complete copy of Danaher's Form 10-Q financial statements is available on the Company's web site (www.danaher.com).

SOURCE: Danaher Corporation