Danaher's profits better than thought
Saturday, December 17, 2005
By WILLIAM FREEBAIRN
Danaher Corp., announced on Thursday that profits would be at the high end of its previously announced expectations.
President H. Lawrence Culp Jr. said the company would report earnings per share for 2005 of between $2.76 and $2.79. The previous guidance for per-share profits was $2.74 to $2.79.
Analysts surveyed by Thompson Financial were expecting earnings on average of $2.76 per share.
The company also said Thursday that it had bought 3.1 million shares of stock, which has the effect of boosting per-share profitability.
Culp and other company officials spoke to analysts and investors during an annual meeting in New York City on Thursday.
Shares of Danaher dropped yesterday on the news, closing at $55.83, down $1.54, or 2.7 percent.
Culp said that 2006 earnings would be in the range of $3.02 to $3.12 per share, with first-quarter earnings about 59 to 64 cents per share. The guidance was in line with what analysts had predicted.
Based in Washington, D.C., Danaher Corp. is the parent of Kollmorgen Electro-Optical Division, which produces periscope and imaging systems in Northampton. The company had a tool factory in Springfield making ratchet wrenches. It closed recently.
The company turns out instrumentation, industrial technologies, tools and components.