Benzinga  Oct 17  Comment 
In a report published Friday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on Danaher Corporation (NYSE: DHR), but lowered the price target from $83.00 to $82.00. In the report, Morgan Stanley noted, “Following a solid...
SeekingAlpha  Oct 16  Comment 
By SA Transcripts: Danaher Corporation (NYSE:DHR) Q3 2014 Earnings Conference Call October 16, 2014 08:00 am ET Executives Matt Gugino - VP, IR Tom Joyce - President and CEO Dan Comas - EVP and CFO Analysts Scott Davis -...
TheStreet.com  Oct 16  Comment 
NEW YORK (TheStreet) -- Shares of Danaher Corp. are higher by 2.99% to $74.13 on heavy volume in late afternoon trading on Thursday, after the company reported an increase in net earnings for the 2014 third quarter to $680.6 million, or 95 cents...
Jutia Group  Oct 16  Comment 
[at Investor's Business Daily] - High-tech instrument maker Danaher (DHR) reported mixed Q3 earnings Thursday morning, but the stock was up 3% off a 52-week low in early afternoon trading on the stock market today, near 74. The company's ... Read...
Wall Street Journal  Oct 16  Comment 
Danaher said its profit rose 14% in the most recent quarter, as the industrial and health care technology company deals with a change in leadership.
newratings.com  Oct 16  Comment 
newratings.com  Oct 16  Comment 
Forbes  Oct 15  Comment 
Wall Street is high on Danaher, expecting it to report earnings that are up 7% from a year ago when it reports its third-quarter earnings on Thursday, October 16, 2014. The consensus estimate is 90 cents per share, up from earnings of 84 cents per...
Benzinga  Oct 14  Comment 
NetScout Systems, Inc. (NASDAQ: NTCT) plunged 14 percent Tuesday in the wake of its plan to acquire a competitor's communications business for $2.6 billion. Danaher Corporation (NYSE: DHR) shareholders will receive 62.5 million NetScout shares...
Benzinga  Oct 14  Comment 
In a report published Tuesday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating and $83.00 price target on Danaher Corporation (NYSE: DHR). In the report, Morgan Stanley noted, “DHR at 16x '15 FCF offers investors a free option...
TheStreet.com  Oct 13  Comment 
NEW YORK (TheStreet) -- Shares of NetScout Systems Inc. are higher by 4.77% to $43.91 at the start of trading on Monday morning, after it was announced that the company will merge with the communications business of Danaher Corp. , in a deal...
Jutia Group  Oct 13  Comment 
[at Bloomberg] - NetScout Systems Inc. (NTCT) agreed to buy the communications business of Danaher Corp. (DHR) for about $2.6 billion to accelerate its entry in the cyber intelligence market. Danaher shareholders will receive about 62.5 million...


Danaher Corporation (NYSE:DHR) produces high-tech equipment for a broad range of industries, from surgical microscopes to airline smoke detectors. In the conglomerates industry, DHR competes against Goliaths like General Electric Company (GE) and 3M Company (MMM). The company generates slightly more than half of its revenues from overseas.[1] The company earned $11 billion in revenue and $1.1 billion in net income in 2009.[2]

As a conglomerate, DHR can apply its efficient manufacturing operations to many processes. Part of DHR's strategy is to acquire underperforming technology ventures and implement efficient manufacturing operations. In 2009 the company acquired 15 companies.[3] As a retailer, the company is susceptible to changes in the economic environment. The sluggish global economy caused a decrease in the demand for Danaher's products which resulted in net sales falling 12% in 2009.[2]

Company Overview

DHR operates in four segments:[4]

Professional Instrumentation (32.1% of Net Sales)

The professional instrumentation segment sells environmental and measurement tools. These tools include calibration equipment, water quality instruments, and petroleum services.

Medical Technologies (27.2% of Net Sales)

The medical technologies segment manufactures dental, microscopy, and life sciences equipment. Products range from infection control products to surgical microscopes. DHR sells these products to professionals and health care institutions.

Industrial Technologies (28.6% of Net Sales)

The industrial technologies segment manufactures production and packaging line products as well as aerospace & defense products. Industrial products range from motors to brakes and aerospace & defense products range from security systems to smoke detectors.

Tools & Components (12.1% of Net Sales)

The Tools & Components segment manufactures tools and industrial parts. Products range from hand tools to gear boxes to automotive tools, with brands including Matco and Sears Craftsman. These products are sold at hardware stores and to automotive end markets.

Business Growth

FY 2009 (ended December 31, 2009)[2]

  • Net sales fell 12% to $11.2 billion. The company attributes the lower sales to lower spending and investment by both businesses and consumers which resulted from the sluggish global economy. As a result, sales fell in all of the company's product segments.
  • Net income fell 12.6% to $1.1 billion.

Trends and Forces


Part of DHR's business strategy is to acquire poorly-run companies and manage them with more efficient operations. In 2009,t he company acquired 15 businesses for approximately $704 million. The businesses were acquired to complement the company's already existnig units of the Medical Technologies, Professional Instrumentation, and Industrial Technologies segments.[3]

DHR expands internationally in response to declining U.S. economy.

DHR reasons that consumers will buy less because of the potential recession, so the company wants to become less dependent on the U.S. economy. Danaher has turned this negative into a positive by expanding to emerging international markets. The company has had a strong presence in China -- the world's leading emerging market. Slightly more than half of the company's sales come from international markets,[1] of which a quarter come from China. Sales from China represent 6% of the company's total sales.[5]

However, in 2009 the sluggish global economy still had negative effects on the company's bottom line as net sales fell 12% for the year.[2]

Rising steel, oil and non-ferrous metals prices.

Steel is DHR's principle material used in manufacturing. Over the past 5 years, scrap metal price has grown from under $100 per ton to over $550 per ton. DHR also uses oil and gas in manufacturing and transportation. Prices for both have increased, and have caused the company's margins to decline.




  1. 1.0 1.1 DHR 2009 10-K "International Operations" pg. 14
  2. 2.0 2.1 2.2 2.3 DHR 2009 10-K "Selected Financial Data" pg. 28
  3. 3.0 3.1 DHR 2009 10-K "Acquisitions" pg. 30
  4. DHR 2009 10-K "Operating Segments" pg. 4-10
  5. DHR 2009 10-K "Operations in Geographical Areas Year Ended December 31" pg. 100
  6. 3M website, "About Us"
  7. Textron website, "Textron Businesses"
  8. Cooper Industries website, "About Cooper Industries"

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