Danaher Reports Record Third Quarter 2010 Results
WASHINGTON, Oct. 21 /PRNewswire-FirstCall/ -- Danaher Corporation (NYSE: DHR) announced today that GAAP net earnings for the quarter ended October 1, 2010 were $646.4 million, or $0.95 per diluted share, which includes a $0.34 gain related to the formation of the Apex Tool Group joint venture, and represents a 79% increase as compared to GAAP net earnings per diluted share of $0.53 for the third quarter 2009. On a non-GAAP basis, which reflects the adjustments identified in the attached reconciliation schedule, 2010 third quarter adjusted net earnings were $405.4 million, or $0.60 per diluted share, a 33% increase over 2009 third quarter adjusted net earnings per diluted share of $0.45. Sales for the 2010 third quarter were $3.2 billion, 16% higher than the $2.8 billion reported for the 2009 third quarter. Core revenues increased 12.5% in the quarter compared to the third quarter of 2009.
GAAP net earnings for the first nine months of 2010 were $1.3 billion, or $1.95 per diluted share, compared with GAAP net earnings of $885 million, or $1.33 per diluted share for the first nine months of 2009. Sales for the first nine months of 2010 were $9.6 billion compared to $8.1 billion for the first nine months of 2009, an increase of 19%.
H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We saw sustained momentum across our businesses and were particularly pleased with our team's execution which led to outstanding year-over-year core margin expansion and earnings performance. We're winning in the marketplace and serving our customers well with a continued focus on new product development and other organic initiatives that helped deliver outstanding core growth in the quarter. We're confident that these growth investments as well as ample strategic acquisition opportunities will allow us to perform well for the remainder of 2010 and be