There were "significant headwinds across" most of Danaher's ( DHR - Get Report) 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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