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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations