Danaher Corporation (Danaher), a diagnostic imaging company, has reported sales of $2.63 billion for the first quarter of 2009, down 13%, compared with the sales of $3.03 billion in the year-ago quarter. It also reported net earnings of $237.7 million, or $0.72 per diluted share, for the first quarter of 2009, down 13%, compared with net earnings per diluted share, in the year-ago quarter.
H. Lawrence Culp, president and chief executive officer, stated, “We continue to experience significant headwinds across our businesses and end markets as a result of a weak global economy. Few of our businesses have been immune to this unprecedented downturn and as a result we continue to deploy cost reduction actions across the company. Core revenues declined 10% in the quarter, compared to the first quarter of 2008. Our operating cash flow performance, despite softer revenues was over $310 million, declining only 5% as compared to the same period last year. While we expect economic conditions in 2009 to remain difficult, we believe our solid portfolio of businesses, our strong balance sheet and robust operating model rooted in the Danaher Business System will provide us the opportunity to outperform.”