Danaher Tops Q1 Profit Estimates on Bioprocessing Growth
Danaher reported quarterly earnings of $2.06 per share, beating analyst estimates. Growth in bioprocessing tools offset weaker demand for diagnostic tests.
DANAHER CORP, headquartered in the United States, reported first-quarter profit results that exceeded Wall Street expectations on Tuesday. The life sciences firm saw its shares climb 2% in premarket trading following the announcement, which highlighted a surge in demand for bioprocessing tools used in drug manufacturing. The results suggest improving market conditions as pharmaceutical companies increase spending on drug discovery and development.
The Washington, D.C.-based company reported adjusted earnings of $2.06 per share for the quarter ended March 27, surpassing the average analyst estimate of $1.94 per share. Total quarterly revenue reached $5.95 billion, falling slightly short of the $6 billion anticipated by analysts. CEO Rainer Blair attributed the performance to a steady recovery within the company's core segments.
