Danaher 3Q net income up, but misses Street's view
WASHINGTON -- Industrial and medical equipment maker Danaher's third-quarter net income rose 5 percent from year-ago results that were depressed by a loss on early debt retirement.
But the company's latest results fell short of Wall Street's view and it cut its full-year earnings forecast on Thursday.
Danaher Corp. earned $548.7 million, or 77 cents per share, for the period ended Sept. 28. That compares with $523.4 million, or 73 cents per share, a year earlier.
The prior-year period's results included a $32.9 million loss on early debt extinguishment.
Analysts expected 79 cents per share for the latest quarter, according to a FactSet poll.
Revenue dipped 1 percent to $4.42 billion from $4.45 billion, missing Wall Street's expectations for earnings of $4.51 billion.
Danaher said that its restructuring costs will now likely be about $120 million for the year, up from a prior guidance of approximately $100 million.
For the full year, the Washington D.C.-based company now expects earnings of $3.14 to $3.19 per share. It previously predicted $3.19 to $3.26 per share. Analysts forecast earnings of $3.23 per share.
It foresees fourth-quarter earnings of 80 cents to 85 cents per share. Wall Street predicts earnings of 88 cents per share.
Last week Danaher and Cooper Industries announced that they will sell a tool making business they created two years ago as a joint venture for about $1.6 billion to private equity firm Bain Capital.