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On Jan. 26, 2009,
reported that its Q4 FY08 net earnings declined 4.5%, amid weakness in its medical and industrial technology units and a stronger U.S. dollar. Net income stood at $305.69 million or $0.92 per share from $320.23 million or $0.97 per share a year ago. Excluding a one-time item, earnings from continuing operations stood at $371.18 million or $1.11 per share compared to $371.66 million or $1.12 per share in Q4 FY07. The latest quarterly results beat the consensus estimate of $1.04 per share.
Total revenue increased 1.1% to $3.18 billion from $3.14 billion in the comparable quarter of last year, attributable to 6.0% contribution from acquisitions, partially offset by a 1.0% decline in its core sales and 4.0% negative impact from related gains, and lower sales from existing businesses. Professional Instrumentation revenue surged 13.3% to $1.24 billion, while that from Medical Technologies dipped 2.6% to $843.82 million. Furthermore, revenue from Industrial Technologies and Tool and Components dropped 4.2% and 14.8% to $777.93 million and $310.81 million, respectively.
During the latest fourth quarter, the company purchased 1.40 million shares at an average price of $54.00. Additionally, it declared a dividend of $0.03 per share payable on Jan. 30, 2009. Meanwhile, the company made six acquisitions comprising $85.00 million of annualized revenue. It reduced its workforce by 3.4%, and closed 13 facilities as a part of its restructuring activities.
During FY08, Danaher's revenue soared 15.2% to $12.70 billion from $11.03 billion, while net income slipped 3.8% to $1.32 billion or $3.95 per share from $1.37 billion or $4.19 per share in FY07.
Looking forward, DHR expects its Q1 FY09 EPS to be in the range of $0.70 to $0.80 and its FY09 earnings to range between $3.70 per share and $4.10 per share.
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