There were "significant headwinds across" most of
businesses related to the slumping economy that sent the company's net income tumbling in the second quarter, or so said CEO H. Lawrence Culp on Thursday.
Danaher, a tool and technology manufacturer, said profit slipped to $295.7 million, or 89 cents a share, in the second quarter from $363.4 million, or $1.09 a share, in the year-earlier period.
Revenue declined to $2.67 billion from $3.28 billion.
On average, analysts surveyed by Thomson Reuters anticipated Danaher to report earnings of 88 cents a share on $2.78 billion in revenue.
Costs also dropped, with total operating expenses falling 16% in the quarter. In a press release, Culp pointed to the company's margins and free cash flow as highlights in an otherwise downbeat economic environment. Still, he said cost-cutting with a focus on capturing market share will set up the company well in the near-term.
Shares in the company were changing hands down more than 3%, to come to $62.15 in Thursday morning trading.
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