Danaher Posts Lower 4Q Net, Sales, Sees More Sales Decline in 2024
By Rob Curran
Danaher Corp. posted a decline in fourth-quarter sales and warned that the trend will be repeated in the first quarter and the year as demand for Covid-19 tests and treatments dwindle.
The health-care and laboratory-supply company posted fourth-quarter earnings for the quarter ended Dec. 31 of $1.08 billion, or $1.45 a share, down from $2.21 billion, or $2.99 a share, a year earlier. Excluding certain one-off items, Danaher logged adjusted earnings from continuing operations of $2.09 a share, surpassing the average Wall Street target of $1.91 a share
Fourth-quarter sales fell 10% to $6.41 billion, topping the average analyst estimate of $6.1 billion.
When excluding all revenue from Covid 19 testing, Covid-vaccine and Covid-therapy support products, Danaher said its core revenue declined 4.5%.
"We expect overall demand for the company's Covid-19-related products to continue moderating as the pandemic has evolved toward endemic status," Danaher said in a statement.
For the first quarter, Danaher forecast non-GAAP core revenue, which excludes the impact of currency translation and other factors, to be down by high-single percentage digits from the prior year. In the first quarter of 2023, Danaher logged revenue of $7.17 billion. For 2024, Danaher forecast non-GAAP core revenue to be down by low-single percentage digits year-over-year.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
January 30, 2024 06:38 ET (11:38 GMT)
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