Danaher Corporation (NYSE: DHR) today announced results for the second quarter of 2013. All financial metrics in this release reflect only the Company's continuing operations unless otherwise noted.
Net earnings for the quarter ended June 28, 2013 were $616.8 million, or $0.87 per share on a diluted basis, a 3.5% increase over diluted net earnings per share of $0.84 for the second quarter of 2012. As summarized in the attached reconciliation schedule, included in the second quarter 2012 diluted net earnings per share is a $0.03 benefit from discrete tax items, a lower than anticipated income tax rate, as well as a gain from resolving a contingency related to a prior asset disposal. Excluding these gains, adjusted diluted net earnings per share increased 7.5% from the second quarter of 2012 to the second quarter of 2013.
Revenues for the quarter were $4.7 billion, 4% higher than the $4.6 billion reported for the second quarter of 2012. Core revenues increased 2.5% in the second quarter of 2013 compared to the second quarter of 2012.
The Company anticipates that GAAP diluted net earnings per share for the quarter ending September 27, 2013 will be in the range of $0.78 to $0.83. The Company narrowed its full year 2013 adjusted diluted net earnings per share guidance to $3.37 to $3.42 from a previous range of $3.32 to $3.47.
H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "Core revenue growth in the quarter was slightly better than we anticipated and, combined with our team's outstanding execution, led to earnings outperformance, excellent margin expansion and superior cash flow. As we look to the second half of the year, we maintain a conservative macro outlook, while remaining confident in our ability to deliver solid operating margin expansion. Our earnings outperformance in the second quarter allows us to make additional high impact growth investments and to fund productivity and efficiency initiatives that we believe will position us well for the balance of 2013 and beyond."