Danher Corporation (NYSE: DHR) reported adjusted earnings $1.08 a share for the first quarter representing 18.5 percent year-over-year growth. According to the company, on a GAAP basis, net earnings were $758 million or $1.09 per share. That was a convenient beat by $0.05 as the Street expected $1.03 a share.
Danher said its revenues increased 15 percent to $5.4 billion in March quarter, with core revenue growth of 0.5 percent. Street estimated revenue of $5.33 billion.
The company's President and CEO, Thomas Joyce, Jr., stated, "We were pleased with our start to 2016 as our team continued to outperform in the face of uncertain and challenging economic conditions. In the quarter, we delivered high-teens earnings growth, healthy operating margin expansion and free cash flow that was up over 50% year-on-year. The Danaher Business System remains the driving force behind our performance-equipping our team with the tools to strengthen our competitive positions, the focus to invest in high-impact growth opportunities and the flexibility to position our businesses for long-term success."
Joyce continued, "This is an exciting year for Danaher as we anticipate the launch of Fortive Corporation. This separation will provide our teams with unique opportunities for growth and create two portfolios of market-leading businesses that we believe will continue to build shareholder value for years to come."
Moving ahead, Danher boosted its adjusted earnings forecast to $4.85-$4.98 a share. The mid-point is above the Street estimation of $4.88 a share. The company also guided second quarter earnings to be $1.19-$1.23 a share, which missed the analysts' predictions of $1.24 a share.
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