Danaher Corp (NYSE: DHR) has logged Q2 FY23 adjusted EPS of $2.05, down from $2.76 a year ago, surpassing the consensus of $2.01.
Sales decreased 7.5% Y/Y to $7.16 billion, beating the consensus of $7.11 billion, with a 7% non-GAAP core revenue decrease, due to lower COVID-19 revenue and 2% non-GAAP base business core revenue growth.
Operating cash flow for the second quarter was $1.9 billion, and non-GAAP free cash flow was $1.6 billion.
Rainer Blair, President & CEO, stated, "We are pleased with our second quarter results which met our expectations, despite a more dynamic operating environment. Our team's consistent execution, paired with better-than-expected performance in our Life Science and Diagnostics businesses, including stronger respiratory testing revenue, helped offset softer demand in bioprocessing."
The gross margin remained almost unchanged at 61%.
Guidance: For Q3, Danaher anticipates non-GAAP base business core revenue will be down low-single digits year-over-year.
For FY23, the company anticipates non-GAAP base business core revenue growth will be up low-single digits year-over-year, compared to high-single digits earlier.
Price Action: DHR shares are down 4.64% at $246.01 during the premarket session on the last check Tuesday.
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