|Fairly quiet Monday, except for this deal. Two Mondays in a row in the same field. This usually draws the attention of competitors who feel the need to make a move to maintain the status quo.|
Perhaps this hunter will make a move soon in the field
Danaher’s gross margin expanded 33 basis points (bps) to 51.5%. The company’s operating profit was $888.0 million, an increase of 2.9% year over year, while operating margin declined marginally to 16.9% from 17.3% at the end of the quarter.
Revenues in the Test & Measurement segment increased 4.0% to $898.3 million year over year. The segment operating margin declined to 16.6% from 18.7% in the prior-year period.
Revenues in the Environmental segment were up 10.0% to $936.1 million. The segment reported an operating margin of 22.5%, a decline of 50 bps from 23.0% in last year.
Life Sciences and Diagnostics revenues were up 5.5% year over year to $1,939.6 million. The operating margin for the quarter was up 250 bps year over year to 16.7%.
Revenues from the Dental segment grew 3.5% year over year to $590.2 million with operating margin declining 150 bps to 13.7%.
In the Industrial Technologies segment, revenues grew a marginal 1.4% to $902.5 million, but operating margin dipped 80 bps to 17.3% on a year over year basis.
Balance Sheet & Cash Flow
Danaher exited 2013 with cash and equivalents balance of $3.1 billion versus $1.7 billion in 2012. The company had a long-term debt balance of $3.4 billion at the year-end 2013, down from $5.3 billion in the previous year.
Danaher’s cash flow from operating activities was increased 5.0% to $3,585.3 million compared with $3,415.0 million in the prior year.
Concurrent with the earnings release, management provided its guidance for first-quarter and full year 2014 revenues and earnings.
The company has reaffirmed the guidance for the full-year 2014 earnings in the range of $3.60 to $3.75 per share and revenue growth in the range of 2% to 4%. For the first quarter of 2014, the company’s GAAP earnings are expected to be in the range of 76 cents to 80 cents a share.