Danaher Corp. (DHR) reported a 16% increase in earnings for the third quarter driven by core revenue growth, solid operating margin expansion, as well as mid-single-digit revenue growth in four of the five platforms. The top and bottom line exceeded analysts’ expectations.
Net income increased 16% to $663.7 million or $0.93 per share. Non-GAAP earnings grew 10% to $1.10 per share. Revenue rose 7.2% to $4.9 billion with non-GAAP core revenue growth of 6.5%.
Looking ahead into the fourth quarter, Danaher expects earnings in the range of $1.04 to $1.07 per share and non-GAAP earnings of $1.25 to $1.28 per share.
For the full year 2018, the company lifted earnings guidance to the range of $3.72 to $3.75 per share from the prior range of $3.64 to $3.71 per share. Non-GAAP EPS outlook was raised to the range of $4.49 to $4.52 from the previous estimate of $4.43 to $4.50.
“We are very pleased with our performance in the third quarter, as the team maintained strong momentum and delivered outstanding results. Our recent performance is a testament to the team’s execution and drive for continuous improvement,” Chief Executive Thomas P. Joyce Jr. said.
Despite the positive results, shares of Danaher fell over 1% in the early trade on the NYSE. The stock has risen over 23% in the past year and over 13% in the year so far.