On January 30, 2020 Danaher Corporation (NYSE: DHR) (the "Company") reported results for the fourth quarter and full year 2019 (Press release, Danaher, JAN 30, 2020, View Source [SID1234553727]). All results in this release reflect only continuing operations unless otherwise noted.
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For the quarter ended December 31, 2019, net earnings were $792.9 million, or $1.07 per diluted share which represents a 11.5% year-over-year increase from the comparable 2018 period.
Non-GAAP adjusted diluted net earnings per share for the fourth quarter 2019 were $1.28 which represents a 12.5% increase over the comparable 2018 period. For the fourth quarter 2019, revenues increased 5.5% year-over-year to $4.9 billion, with non-GAAP core revenue growth of 6.0%.
For the full year 2019, net earnings were $2.4 billion, or $3.26 per diluted share which represents a 4.0% year-over-year decrease. Non-GAAP adjusted diluted net earnings per share for 2019 were $4.42 per share, which represents a 9.0% increase over the comparable 2018 amount. Revenues for the full year 2019 increased 5.0% to $17.9 billion, with non-GAAP core revenue growth of 6.0%.
For the first quarter 2020, the Company anticipates that diluted net earnings per share will be in the range of $0.78 to $0.81 and non-GAAP adjusted diluted net earnings per share will be in the range of $1.06 to $1.09.
For the full year 2020, the Company anticipates that diluted net earnings per share will be in the range of $3.96 to $4.06 and non-GAAP adjusted diluted net earnings per share will be $4.80 to $4.90, which assumes non-GAAP core revenue growth of approximately 5.0%. These first quarter and full year 2020 estimated results do not include the impact of earnings from the pending GE Biopharma acquisition, which is expected to close in the first quarter of 2020.
Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, "Our fourth quarter results wrapped up a tremendous 2019 for Danaher. For the full year, we achieved 6.0% core revenue growth with solid margin expansion and cash flow. We continued to capture market share in many of our businesses through new product innovation and enhanced commercial execution. In addition, we completed the split-off of our Dental platform in December and announced the pending acquisition of GE’s Biopharma business."
Joyce added, "Through a combination of organic and inorganic initiatives, we have transformed Danaher into a higher growth, higher margin and higher recurring revenue company with leading positions in attractive end-markets. Our portfolio today -combined with the power of the Danaher Business System – positions us well to continue to deliver long-term shareholder value."
Danaher will discuss its results during its quarterly investor conference call today starting at 7:30 a.m. ET. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher’s website, www.danaher.com, under the subheading "Events & Presentations." A replay of the webcast will be available in the same section of Danaher’s website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.
The conference call can be accessed by dialing 866-503-8675 within the U.S. or by dialing +1 786-815-8792 outside the U.S. a few minutes before the 7:30 a.m. ET start and telling the operator that you are dialing in for Danaher’s earnings conference call (access code 5867674). A replay of the conference call will be available shortly after the conclusion of the call and until February 13, 2020. You can access the replay dial-in information on the "Investors" section of Danaher’s website under the subheading "Events & Presentations." In addition, presentation materials relating to Danaher’s results have been posted to the "Investors" section of Danaher’s website under the subheading "Quarterly Earnings."