WASHINGTON, Dec. 15, 2016 /PRNewswire/ -- Ahead of its
annual investor and analyst meeting to be held in New York City, Danaher
Corporation (NYSE:DHR) (the "Company") initiated its 2017
outlook. The Company anticipates that 2017 diluted net earnings per
share will be in the range of $3.13 to
$3.23.
2017 non-GAAP adjusted diluted net earnings per share is
anticipated to be in the range of $3.85 to
$3.95, which assumes non-GAAP core revenue growth between 3%
and 4%.
Thomas P. Joyce, Jr., President
and Chief Executive Officer, stated, "This has been an exciting
year for Danaher. We closed approximately $5
billion in acquisitions across all five of our platforms –
including the larger strategic acquisitions of Cepheid and
Phenomenex; completed the separation of Fortive; and have driven
solid core revenue growth, operating margin expansion and cash flow
performance."
Joyce continued, "We believe we have an outstanding
multi-industry, science and technology company that has tremendous
growth and margin opportunities. With the Danaher Business System
as our driving force and competitive advantage, we look forward to
delivering on these opportunities and creating long-term
shareholder value."
Danaher will host a live video webcast of its investor and
analyst meeting today, December 15,
2016, beginning at 9:30 a.m. ET and concluding at
approximately 12:40 p.m. ET. The video webcast will be
available on the Investors section of Danaher's
website, www.danaher.com, under Events & Presentations. A
replay of the webcast will be available shortly after the
conclusion of the presentation.
ABOUT DANAHER
Danaher is a global science and technology innovator committed
to helping its customers solve complex challenges and improving
quality of life around the world. Its family of world class brands
has leadership positions in some of the most demanding and
attractive industries, including health care, environmental and
industrial. With more than 20 operating companies, Danaher's
globally diverse team of over 60,000 associates is united by a
common culture and operating system, the Danaher Business System.
For more information please visit www.danaher.com.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this earnings
release also contains non-GAAP financial measures. A reconciliation
of these measures to the most directly comparable GAAP measures is
included in the supplemental reconciliation schedule attached.
FORWARD LOOKING STATEMENTS
Statements in this release that are not strictly historical,
including the statements regarding the Company's anticipated 2017
financial performance, future opportunities for the Company and the
future creation of shareholder value and any other statements
regarding events or developments that we believe or anticipate will
or may occur in the future are "forward-looking" statements within
the meaning of the federal securities laws. There are a number of
important factors that could cause actual results, developments and
business decisions to differ materially from those suggested or
indicated by such forward-looking statements and you should not
place undue reliance on any such forward-looking statements. These
factors include, among other things, deterioration of or
instability in the economy, the markets we serve and the financial
markets, the impact of our restructuring activities on our ability
to grow, contractions or growth rates and cyclicality of markets we
serve, competition, our ability to develop and successfully market
new products and technologies and expand into new markets, the
potential for improper conduct by our employees, agents or business
partners, our ability to successfully identify, consummate and
integrate appropriate acquisitions and successfully complete
divestitures and other dispositions, our ability to integrate the
recent acquisitions of Pall Corporation and Cepheid and achieve the
anticipated benefits of such transactions, contingent liabilities
relating to acquisitions and divestitures (including tax-related
and other contingent liabilities relating to the distributions of
each of Fortive Corporation and our communications business), our
compliance with applicable laws and regulations (including
regulations relating to medical devices and the health care
industry) and changes in applicable laws and regulations, our
ability to effectively address cost reductions and other changes in
the health care industry, risks relating to potential impairment of
goodwill and other intangible assets, currency exchange rates, tax
audits and changes in our tax rate and income tax liabilities,
litigation and other contingent liabilities including intellectual
property and environmental, health and safety matters, risks
relating to product, service or software defects, product liability
and recalls, risks relating to product manufacturing, the impact of
our debt obligations on our operations and liquidity, our
relationships with and the performance of our channel partners,
commodity costs and surcharges, our ability to adjust purchases and
manufacturing capacity to reflect market conditions, reliance on
sole sources of supply, labor matters, international economic,
political, legal, compliance and business factors (including the
impact of the UK referendum to leave the EU), disruptions relating
to man-made and natural disasters, security breaches or other
disruptions of our information technology systems and pension plan
costs. Additional information regarding the factors that may cause
actual results to differ materially from these forward-looking
statements is available in our SEC filings, including our 2015
Annual Report on Form 10-K and Quarterly Report on Form 10-Q for
the third quarter of 2016. These forward-looking statements speak
only as of the date of this release and the Company does not assume
any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events and
developments or otherwise.
Danaher Corporation
Reconciliation of GAAP
Financial Measures to Non-GAAP Financial
Measures
Adjusted Forecasted Diluted Net Earnings Per
Share from Continuing
Operations
|
|
|
|
Year Ending
December 31, 2017
|
|
|
|
|
|
Low End of
Guidance
Range
|
|
High End of
Guidance
Range
|
|
Forecasted Diluted
Net Earnings Per Share from Continuing Operations (GAAP)
1
|
|
|
$
3.13
|
|
$
3.23
|
|
|
|
|
|
|
|
|
|
|
Pretax amortization
of acquisition-related intangible assets
|
|
|
0.91
|
A
|
0.91
|
A
|
|
|
|
|
|
|
|
|
|
Tax effect of all
adjustments reflected above
|
|
|
(0.19)
|
B
|
(0.19)
|
B
|
|
|
|
|
|
|
|
|
Forecasted
Adjusted Diluted Net Earnings Per Share from Continuing Operations
(Non-GAAP) 1
|
|
|
$
3.85
|
|
$
3.95
|
|
|
|
|
|
|
|
|
|
1
|
The forward-looking
estimates set forth above do not reflect future gains and charges
that are inherently difficult to predict and estimate due to their
unknown timing, effect and/or significance, such as certain future
gains or losses on the sale of investments, acquisition or
divestiture-related gains or charges and discrete tax
items.
|
|
A
|
Amortization of
acquisition-related intangible assets as quantified below ($ in
millions) (only the pretax amounts set forth below are reflected in
the amortization line item above):
|
|
|
Year
Ending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2017 E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax
|
$
644.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After-tax
|
509.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B
|
This line item
reflects the aggregate tax effect of all nontax adjustments
reflected in the table above. In addition, the footnote above
indicates the after-tax amount of each individual adjustment
item. Danaher estimates the tax effect of the adjustment
items identified in the reconciliation schedule above by applying
Danaher's overall estimated effective tax rate to the pretax
amount, unless the nature of the item and/or the tax jurisdiction
in which the item has been recorded requires application of a
specific tax rate or tax treatment, in which case the tax effect of
such item is estimated by applying such specific tax rate or tax
treatment.
|
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SOURCE Danaher Corporation