WASHINGTON - Danaher Corporation (NYSE:DHR) reported a solid performance in the second quarter of 2024, with both earnings and revenue surpassing analyst expectations. The positive earnings news pushed Danaher's stock up by 2%.
The company's adjusted earnings per share (EPS) came in at $1.72, exceeding the analyst estimate of $1.57. Revenue also topped forecasts, reaching $5.7 billion against the anticipated $5.59 billion.
Danaher's net earnings for the quarter were $907 million, or $1.22 per diluted common share, with a noted 3.0% decrease in revenue compared to the same quarter last year.
Rainer M. Blair, President and CEO, expressed satisfaction with the results, stating, "Our team executed well during the second quarter, delivering better-than-expected revenue, earnings and cash flow." Blair also emphasized the continued success of Danaher's bioprocessing business and Cepheid's market share growth in molecular testing.
Looking ahead, Danaher forecasts that non-GAAP core revenue will experience a low-single-digit decline year-over-year (YoY) for both the third quarter and the full year of 2024. This guidance reflects the company's expectations amid market challenges and strategic business transformations.
Despite the anticipated decline in core revenue, Danaher remains optimistic about its long-term growth prospects. Blair remarked on the company's transformation over recent years, which has positioned Danaher as a focused leader in life sciences and diagnostics, aiming for higher growth, expanded margins, and stronger cash flow in the future.
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