Danaher Corp’s revenue climbs to £4.49 billion in the fiscal third quarter

Danaher Corp’s revenue climbs to £4.49 billion in the fiscal third quarter
Written by:
Wajeeh Khan
22nd October, 18:01
  • Danaher Corp’s revenue climbs to £4.49 billion in the fiscal third quarter.
  • The U.S. firm's net income in the third quarter printed at £674.63 million.
  • Danaher says core revenue is likely to grow in the fiscal fourth quarter.

Danaher Corp (NYSE: DHR) said on Thursday that its sales and profit in the fiscal third quarter came in better than expected.

Shares of the company jumped more than 3% on market open. Danaher Corp has gained close to 100% in the stock market since late March. Interested in investing int the stock market online? Here’s a simple guide to get you started.

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Danaher Corp’s Q3 financial results versus analysts’ estimates

Danaher Corp said its net income in the third quarter printed at £674.63 million (before preferred dividends), that translates to 89 pence per share. In the same quarter last year, it had reported a much lower £510.07 million of net income or 64.14 pence per share.

The American globally diversified conglomerate said earlier this month that Beckman Coulter Inc., its laboratory equipment unit, received emergency use authorisation for its COVID-19 antibody test from the United States Food and Drug Administration.

On an adjusted basis, Danaher Corp. earned £1.31 per share in the third quarter versus a much lower £1.04 per share expected, as per FactSet.

The Washington-based company said it generated a total of £4.49 billion of sales in the recent quarter versus £3.34 billion in the comparable quarter of last year. According to FactSet, experts had forecast a lower £4.21 billion of sales for Danaher Corp in the fiscal third quarter.

CEO Rainer M. Blair commented on the financial report on Thursday and said:

“We delivered outstanding third-quarter results, achieving double-digit revenue growth, over 60% adjusted EPS growth, and we more than doubled our free cash flow year over year. Since the onset of the COVID-19 pandemic, our team has turned unprecedented challenges into impactful opportunities to support our customers and the global community, and we’re proud to play a pivotal role in tackling COVID-19 head-on.”

Other prominent figures in Danaher’s earnings report

Other prominent figures in Danaher’s earnings report on Thursday include a 14% annualised growth in core revenue, including Cytiva. The company had estimated under 10% of growth in its core revenue.

Including Cytiva, the U.S. company said that it now forecasts its core revenue in the fourth quarter to grow by less than 15%. In separate news from the United States, AT&T also published its financial results for Q3 on Thursday that highlighted a 5% annualised decline in revenue.

At the time of writing, it has a market cap of £126.55 billion and a price to earnings ratio of 49.95.

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