Danaher Corporation reported its financial results for the three and nine-month periods ending September 27, 2024, showing mixed performance compared to the previous fiscal year. For the third quarter, total sales increased to $5,798 million, up from $5,624 million in Q3 2023, marking a 3.0% rise. This growth was driven by a 5.0% increase in the Diagnostics segment, which generated $2,363 million in sales, compared to $2,254 million in the prior year. However, for the nine-month period, total sales decreased to $17,337 million from $17,485 million, reflecting a 1.0% decline.
Gross profit for the third quarter rose to $3,401 million from $3,275 million, while for the nine-month period, it increased slightly to $10,316 million from $10,255 million. Despite these gains, operating profit for Q3 fell to $958 million from $1,185 million, and for the nine-month period, it decreased to $3,438 million from $3,865 million. The decline in operating profit margins was attributed to an impairment charge related to a trade name in the Life Sciences segment and the dilutive effect of recent acquisitions.
Net earnings from continuing operations for Q3 2024 were $818 million, down from $940 million in Q3 2023, resulting in a diluted earnings per share of $1.12 compared to $1.26. For the nine-month period, net earnings from continuing operations totaled $2,813 million, down from $3,100 million, with diluted earnings per share decreasing to $3.80 from $4.15.
The company made strategic moves during the nine-month period, acquiring two businesses for $525 million, enhancing its Life Sciences segment. Additionally, Danaher repurchased approximately 20 million shares of common stock for about $5.2 billion, reflecting a significant investment in shareholder returns.
Total current assets decreased to $10,060 million from $13,937 million at the end of 2023, while total assets also fell to $80,615 million from $84,488 million. Total stockholders’ equity decreased to $51,305 million from $53,490 million. The company reported a total debt of $17,524 million, down from $18,402 million at the end of 2023, indicating a focus on managing its leverage.
Overall, Danaher’s performance in Q3 2024 showed resilience in certain segments, particularly Diagnostics, while facing challenges in others, notably Biotechnology and Life Sciences. The company continues to navigate market conditions and integrate acquisitions to drive future growth.
About DANAHER CORP /DE/
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