DANAHER CORPORATION WASHINGTON, Jan. 31, 2017 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) today announced results for the fourth quarter and full year 2016. All results in this release reflect only continuing operations unless otherwise noted. For the quarter ended December 31, 2016, net earnings were $747.0 million, or $1.07 per diluted share which represents a 42.5% year-over-year increase.
Non-GAAP adjusted diluted net earnings per share was $1.05 per share, which reflects the adjustments identified in the attached reconciliation schedule. This represents a 15.5% increase over the comparable 2015 amount. For the fourth quarter 2016, revenues increased 6.0% year-over-year to $4.6 billion, with core revenue growth of 3.5% (non-GAAP).
For the full year 2016, net earnings were $2.2 billion, or $3.08 per diluted share which represents a 24.5% year-over-year increase. Non-GAAP adjusted diluted net earnings per share was $3.61 per share, which reflects the adjustments identified in the attached reconciliation schedule. This represents a 21.0% increase over the comparable 2015 amount. Revenues for the full year 2016 increased 17.0% to $16.9 billion, with core revenue growth of 3.0% (non-GAAP). The Company generated strong operating cash flow of $3.1 billion for the full year 2016.
For the first quarter 2017, the Company anticipates that diluted net earnings per share will be in the range of $0.64 to $0.67. Non-GAAP adjusted diluted net earnings per share is expected to be $0.82 to $0.85, reflecting the adjustments identified on the attached reconciliation schedule.
For the full year 2017, the Company anticipates diluted net earnings per share to be $3.13 to $3.23. The Company continues to expect its non-GAAP adjusted diluted net earnings per share to be in the range of $3.85 to $3.95, reflecting the adjustments identified on the attached reconciliation schedule.
Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, "We are very pleased with our strong fourth quarter results, capping off a transformative year for Danaher. In 2016, the team delivered double-digit earnings growth, meaningful margin expansion, and strong free cash flow. We also executed on a number of strategically significant acquisitions during the year, including Cepheid and Phenomenex."
Joyce added, "We believe that the strength of our portfolio, combined with the power of DBS, provides the foundation for enhancing our growth trajectory and delivering long-term outperformance."
Danaher will discuss its results during its quarterly investor conference call today starting at 7:30 a.m. ET. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website, www.danaher.com, under the subheading "Events & Presentations." A replay of the webcast will be available in the same section of Danaher's website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.
The conference call can be accessed by dialing (800) 344-6698 within the U.S. or by dialing (785) 830-7979 outside the U.S. a few minutes before the 7:30 a.m. ET start and telling the operator that you are dialing in for Danaher's investor conference call (access code 4628756). A replay of the conference call will be available shortly after the conclusion of the call and until Tuesday, February 7, 2017. You can access the replay dial-in information on the "Investors" section of Danaher's website under the subheading "Events & Presentations." In addition, presentation materials relating to Danaher's results have been posted to the "Investors" section of Danaher's website under the subheading "Financial Reports & Earnings."
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 62,000 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. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these non-GAAP measures are 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 financial performance for the first quarter and full year 2017, the Company's future prospects 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 TO NON-GAAP FINANCIAL MEASURES
Adjusted Diluted Net Earnings Per Share from Continuing Operations
------------------------------------------------------------------
Three Month Period Ended Year Ended
December 31, December 31, December 31, December 31,
2016 2015 2016 2015
---- ---- ---- ----
Diluted Net Earnings Per Share from $1.07 $0.75 $3.08 $2.47
Continuing Operations (GAAP)
Pretax amortization of acquisition-related 0.22 A 0.20 A 0.83 A 0.56 A
intangible assets A
Pretax charge for early extinguishment of - - 0.26 B -
borrowings B
Pretax gains on resolution of acquisition-related - - (0.02) C -
matters C
Pretax gain on sales of investments D,E - - (0.32) E (0.02) D
Pretax acquisition-related transaction costs deemed 0.12 G 0.09 F 0.12 G 0.21 F
significant, change in control payments and
restructuring costs and fair value adjustments to
inventory and deferred revenue F,G
Tax effect of all adjustments reflected above H (0.09) H (0.07) H (0.21) H (0.16) H
Discrete tax adjustments and other tax-related (0.27) J (0.06) I (0.13) J (0.08) I
adjustments I,J
Adjusted Diluted Net Earnings Per Share from $1.05 $0.91 $3.61 $2.98
Continuing Operations (Non-GAAP)
Forecasted Adjusted Diluted Net Earnings Per Share from Continuing Operations
-----------------------------------------------------------------------------
Three Month Period Ending Year Ending
March 31, 2017
December 31, 2017
Low End High End Low End High End
------- -------- ------- --------
Forecasted Diluted Net Earnings Per Share from $0.64 $0.67 $3.13 $3.23
Continuing Operations (GAAP)
Anticipated pretax amortization of acquisition- 0.23 A 0.23 A 0.92 A 0.92 A
related intangible assets A
Tax effect of all adjustments reflected above H (0.05) H (0.05) H (0.20) H (0.20) H
Forecasted Adjusted Diluted Net Earnings Per $0.82 $0.85 $3.85 $3.95
Share from Continuing Operations (Non-GAAP)
(1)
(1) The forward-
looking
estimates
set forth
above do
not reflect
future
gains and
charges
that are
inherently
difficult
to predict
and
estimate
due to
their
unknown
timing,
effect and/
or
significance,
such as
certain
future
gains or
losses on
the sale of
investments,
acquisition
or
divestiture-
related
gains or
charges and
discrete
tax items.
Core Revenue Growth
-------------------
Three Month Period Ended Year Ended
December 31, 2016 vs. December 31, 2016 vs.
Comparable 2015 Period Comparable 2015 Period
Total Revenue Growth from Continuing Operations (GAAP) 6.0% 17.0%
=== ====
Components of Revenue Growth
----------------------------
Core (non-GAAP) (2) 3.5% 3.0%
Acquisitions (non-GAAP) 4.0% 15.0%
Impact of currency translation (non-GAAP) (1.5)% (1.0)%
Total Revenue Growth from Continuing Operations (GAAP) 6.0% 17.0%
=== ====
(2) We use the
term "core
revenue" to
refer to GAAP
revenue from
continuing
operations
excluding (1)
sales from
acquired
businesses
recorded
prior to the
first
anniversary
of the
acquisition
less the
amount of
sales
attributable
to divested
businesses or
product lines
not
considered
discontinued
operations
("acquisition
sales") and
(2) the
impact of
currency
translation.
The portion
of GAAP
revenue from
continuing
operations
attributable
to currency
translation
is calculated
as the
difference
between (a)
the period-
to-period
change in
revenue
(excluding
acquisition
sales) and
(b) the
period-to-
period change
in revenue
(excluding
acquisition
sales) after
applying
current
period
foreign
exchange
rates to the
prior year
period. We
use the term
"core revenue
growth" to
refer to the
measure of
comparing
current
period core
revenue with
the
corresponding
period of the
prior year.
DANAHER CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(continued)
A Amortization of acquisition-related intangible assets in the following historical and forecasted periods ($ in millions) (only the pretax
amounts set forth below are reflected in the amortization line item above):
Forecasted
Three Month Period Ended Year Ended Three Month Year Ending
Period Ending
-------------
December 31, December 31, December 31, December 31, March 31, 2017 December 31,
2016 2015 2016 2015 2017
---- ---- ---- ---- ----
Pretax $156.5 $137.4 $583.1 $396.8 $162.2 $649.3
After-tax 123.9 107.2 449.7 313.4 127.3 509.7
B Charge for
early
extinguishment
of borrowings
($179 million
pretax as
presented in
this line
item, $112
million
after-tax)
incurred in
the third
quarter of
2016. The
Company did
not incur any
charges
related to
the early
extinguishment
of borrowings
in any other
quarter of
2016 or in
2015, and
therefore no
such
elimination
item is
reflected in
the
calculation
of Adjusted
Diluted Net
Earnings Per
Share From
Continuing
Operations
for any other
period
presented.
C Gains on
resolution of
acquisition-
related
matters ($18
million
pretax is
presented in
this line
item, $14
million
after-tax)
for the year
ended
December 31,
2016.
D Gain on sales
of
investments
in the year
ended
December 31,
2015 ($12
million
pretax as
presented in
this line
item, $8
million
after-tax).
E Gain on sales
of
investments
in the year
ended
December 31,
2016 ($223
million
pretax as
presented in
this line
item, $140
million
after-tax).
F Fair value
adjustments
to inventory
and deferred
revenue, net
of the impact
of freezing
pension
benefits, in
each case
related to
the
acquisition
of Pall
Corporation
and incurred
in the three
month period
ended
December 31,
2015 ($60
million
pretax as
presented in
this line
item, $48
million
after-tax);
acquisition-
related
transaction
costs deemed
significant
($21 million
pretax as
presented in
this line
item, $16
million
after-tax),
change in
control
payments, and
fair value
adjustments
to inventory
and deferred
revenue, net
of the impact
of freezing
pension
benefits, in
each case
related
primarily to
the
acquisition
of Pall
Corporation
and incurred
in the year
ended
December 31,
2015 ($127
million
pretax as
presented in
this line
item, $99
million
after-tax).
The Company
deems
acquisition-
related
transaction
costs
incurred in a
given period
to be
significant
(generally
relating to
the Company's
larger
acquisitions)
if it
determines
that such
costs exceed
the range of
acquisition-
related
transaction
costs typical
for the
Company in a
given period.
G Acquisition-
related
transaction
costs deemed
significant
($12 million
pretax as
presented in
this line
item, $9
million
after-tax),
change in
control
payments and
restructuring
costs ($49
million
pretax as
presented in
this line
item, $30
million
after-tax),
and fair
value
adjustments
to inventory
and deferred
revenue ($23
million
pretax as
presented in
this line
item, $14
million
after-tax),
in each case
related
primarily to
the
acquisition
of Cepheid
and incurred
in the three
months and
year ended
December 31,
2016.
H This line item
reflects the
aggregate tax
effect of all
nontax
adjustments
reflected in
the table
above. In
addition, the
footnotes
above
indicate 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.
I Discrete
income tax
gains net of
discrete
income tax
charges
incurred in
the three
months ($41
million) and
the year ($58
million)
ended
December 31,
2015.
J Discrete
income tax
gains net of
discrete
income tax
charges
incurred in
the three
months ended
December 31,
2016 ($190
million).
Discrete
income tax
gains net of
discrete
income tax
charges and
Fortive
Corporation
separation-
related tax
costs related
to
repatriation
of earnings
and legal
entity
realignments
incurred in
the year
ended
December 31,
2016 ($91
million).
Statement Regarding Non-GAAP Measures
Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Danaher Corporation's ("Danaher" or the "Company") results that, when reconciled to the corresponding GAAP measure, help our investors to:
-- (with respect to the non-GAAP profitability measures) understand the
long-term profitability trends of our business and compare our
profitability to prior and future periods and to our peers; and
-- (with respect to the non-GAAP revenue measures) identify underlying
growth trends in our business and compare our revenue performance with
prior and future periods and to our peers.
The items excluded from the non-GAAP profitability and revenue measures set forth above have been excluded for the following reasons:
-- (with respect to the non-GAAP profitability measures) we exclude the
amortization of acquisition-related intangible assets because the amount
and timing of such charges are significantly impacted by the timing,
size, number and nature of the acquisitions we consummate. While we have
a history of significant acquisition activity we do not acquire
businesses on a predictable cycle, and the amount of an acquisition's
purchase price allocated to intangible assets and related amortization
term are unique to each acquisition and can vary significantly from
acquisition to acquisition. Exclusion of this amortization expense
facilitates more consistent comparisons of operating results over time
between our newly acquired and long-held businesses, and with both
acquisitive and non-acquisitive peer companies. We believe however that
it is important for investors to understand that such intangible assets
contribute to revenue generation and that intangible asset amortization
related to past acquisitions will recur in future periods until such
intangible assets have been fully amortized. With respect to the other
items excluded from the non-GAAP profitability measures, we exclude
these items because they are of a nature and/or size that occur with
inconsistent frequency, occur for reasons that may be unrelated to
Danaher's commercial performance during the period and/or we believe are
not indicative of Danaher's ongoing operating costs or gains in a given
period. With respect to each of the items excluded from the non-GAAP
profitability measures, we believe that such items may obscure
underlying business trends and make comparisons of long-term performance
difficult.
-- (with respect to the non-GAAP revenue measures) (1) we exclude the
impact of currency translation because it is not under management's
control, is subject to volatility and can obscure underlying business
trends, and (2) we exclude the effect of acquisitions and divested
product lines because the nature, size and number of such transactions
can vary dramatically from period to period and between us and our
peers, which we believe may obscure underlying business trends and make
comparisons of long-term performance difficult.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited)
($ and shares in millions, except per share amount)
As of December 31
2016 2015
---- ----
ASSETS
Current assets:
Cash and equivalents $963.7 $790.8
Trade accounts receivable, less allowance for doubtful accounts of $102.4 and $88.3, 3,186.1 2,985.1
respectively
Inventories 1,709.4 1,573.1
Prepaid expenses and other current assets 805.9 889.5
Current assets, discontinued operations - 1,598.2
--- -------
Total current assets 6,665.1 7,836.7
Property, plant and equipment, net 2,354.0 2,302.7
Other assets 631.3 845.3
Goodwill 23,826.9 21,014.9
Other intangible assets, net 11,818.0 10,545.3
Other assets, discontinued operations - 5,677.3
Total assets $45,295.3 $48,222.2
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable and current portion of long-term debt $2,594.8 $845.2
Trade accounts payable 1,485.0 1,391.9
Accrued expenses and other liabilities 2,794.2 2,609.4
Current liabilities, discontinued operations - 1,323.9
--- -------
Total current liabilities 6,874.0 6,170.4
Other long-term liabilities 5,670.3 5,750.0
Long-term debt 9,674.2 12,025.2
Long-term liabilities, discontinued operations - 512.6
Stockholders' equity:
Common stock - $0.01 par value, 2.0 billion shares authorized; 807.7 and 801.6 issued; 8.1 8.0
692.2 and 686.8 outstanding, respectively
Additional paid-in capital 5,312.9 4,981.2
Retained earnings 20,703.5 21,012.3
Accumulated other comprehensive income (loss) (3,021.7) (2,311.2)
-------- --------
Total Danaher stockholders' equity 23,002.8 23,690.3
Noncontrolling interests 74.0 73.7
---- ----
Total stockholders' equity 23,076.8 23,764.0
-------- --------
Total liabilities and stockholders' equity $45,295.3 $48,222.2
========= =========
This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
($ and shares in millions, except per share amounts)
Three Month Period Ended Year Ended December 31
December 31
2016 2015 2016 2015
Sales $4,584.3 $4,323.0 $16,882.4 $14,433.7
Cost of sales (2,084.3) (2,065.8) (7,547.8) (6,662.6)
-------- -------- -------- --------
Gross profit 2,500.0 2,257.2 9,334.6 7,771.1
Operating costs:
Selling, general and administrative expenses (1,503.4) (1,369.5) (5,608.6) (4,747.5)
Research and development expenses (268.0) (236.1) (975.1) (861.4)
------ ------ ------ ------
Operating profit 728.6 651.6 2,750.9 2,162.2
Nonoperating income (expense):
Other income - - 223.4 12.4
Loss on early extinguishment of borrowings - - (178.8) -
Interest expense (32.3) (50.7) (184.4) (139.8)
Interest income 0.1 - 0.2 4.6
--- --- --- ---
Earnings from continuing operations before income 696.4 600.9 2,611.3 2,039.4
taxes
Income taxes 50.6 (79.9) (457.9) (292.7)
---- ----- ------ ------
Net earnings from continuing operations 747.0 521.0 2,153.4 1,746.7
Earnings from discontinued operations, net of income - 167.6 400.3 1,610.7
taxes
Net earnings $747.0 $688.6 $2,553.7 $3,357.4
====== ====== ======== ========
Net earnings per share from continuing operations:
Basic $1.08 $0.76 $3.12 $2.50
Diluted $1.07 $0.75 $3.08 $2.47
Net earnings per share from discontinued operations:
Basic $ - $0.24 $0.58 $2.31
Diluted $ - $0.24 $0.57 $2.27
Net earnings per share:
Basic $1.08 $1.00 $3.69 * $4.81
Diluted $1.07 $0.99 $3.65 $4.74
Average common stock and common equivalent shares
outstanding:
Basic 693.0 687.4 691.2 698.1
Diluted 701.9 697.1 699.8 708.5
* Net earnings per share amount does not add due to rounding.
This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
($ and shares in millions)
Year Ended December 31
2016 2015
---- ----
Cash flows from operating activities:
Net earnings $2,553.7 $3,357.4
Less: earnings from discontinued operations, net of income taxes 400.3 1,610.7
----- -------
Net earnings from continuing operations 2,153.4 1,746.7
Noncash items:
Depreciation 545.0 484.0
Amortization 583.1 396.8
Stock-based compensation expense 129.8 103.8
Pretax loss on early extinguishment of borrowings 178.8 -
Pretax gain on sales of investments (223.4) (12.4)
Change in deferred income taxes (383.9) (184.2)
Change in trade accounts receivable, net (183.1) 0.8
Change in inventories 9.4 146.5
Change in trade accounts payable 78.1 50.3
Change in prepaid expenses and other assets (62.4) (68.9)
Change in accrued expenses and other liabilities 262.7 168.8
----- -----
Total operating cash provided by continuing operations 3,087.5 2,832.2
Total operating cash provided by discontinued operations 434.3 969.6
----- -----
Net cash provided by operating activities 3,521.8 3,801.8
------- -------
Cash flows from investing activities:
Cash paid for acquisitions (4,880.1) (14,247.8)
Payments for additions to property, plant and equipment (589.6) (512.9)
Payments for purchases of investments - (87.1)
Proceeds from sales of investments 264.8 43.0
All other investing activities 31.7 66.3
---- ----
Total investing cash used in continuing operations (5,173.2) (14,738.5)
Total investing cash used in discontinued operations (69.8) (212.5)
----- ------
Net cash used in investing activities (5,243.0) (14,951.0)
-------- ---------
Cash flows from financing activities:
Proceeds from the issuance of common stock 164.5 249.0
Payment of dividends (399.8) (354.1)
Make-whole premiums to redeem borrowings prior to maturity (188.1) -
Net proceeds from borrowings (maturities of 90 days or less) 2,218.1 3,511.2
Proceeds from borrowings (maturities longer than 90 days) 3,240.9 5,682.9
Repayments of borrowings (maturities longer than 90 days) (2,480.6) (35.5)
All other financing activities (27.0) (3.3)
----- ----
Total financing cash provided by continuing operations 2,528.0 9,050.2
Cash distributions to Fortive, net (485.3) -
------ ---
Net cash provided by financing activities 2,042.7 9,050.2
------- -------
Effect of exchange rate changes on cash and equivalents (148.6) (115.8)
------ ------
Net change in cash and equivalents 172.9 (2,214.8)
Beginning balance of cash and equivalents 790.8 3,005.6
----- -------
Ending balance of cash and equivalents $963.7 $790.8
====== ======
Supplemental disclosure:
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares) $ - $2,291.7
Distribution of noncash net assets to Fortive Corporation (1,983.6) -
This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION (unaudited)
($ in millions)
Three Months Ended December 31 Year Ended December 31
2016 2015 2016 2015
---- ---- ---- ----
Sales:
Life Sciences $1,454.1 $1,374.1 $5,365.9 $3,314.6
Diagnostics 1,431.8 1,287.5 5,038.3 4,832.5
Dental 739.3 734.6 2,785.4 2,736.8
Environmental & Applied Solutions 959.1 926.8 3,692.8 3,549.8
----- ----- ------- -------
Total $4,584.3 $4,323.0 $16,882.4 $14,433.7
======== ======== ========= =========
Operating Profit:
Life Sciences $244.8 $132.6 $818.9 $329.2
Diagnostics 180.1 235.9 786.4 746.2
Dental 113.8 116.2 419.4 370.4
Environmental & Applied Solutions 229.9 205.0 870.0 866.6
Other (40.0) (38.1) (143.8) (150.2)
----- ----- ------ ------
Total $728.6 $651.6 $2,750.9 $2,162.2
====== ====== ======== ========
Operating Margins:
Life Sciences 16.8% 9.7% 15.3% 9.9%
Diagnostics 12.6% 18.3% 15.6% 15.4%
Dental 15.4% 15.8% 15.1% 13.5%
Environmental & Applied Solutions 24.0% 22.1% 23.6% 24.4%
Total 15.9% 15.1% 16.3% 15.0%
This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/danaher-reports-fourth-quarter-and-full-year-2016-results-300399215.html
SOURCE Danaher Corporation
