Danaher Corp DHR
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/18/2013

Operator: Good morning. My name is Jennifer and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Danaher Corporation Second Quarter 2013 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period.

I would now like to turn the call over to Mr. Matt McGrew, Vice President of Investor Relations. Mr. McGrew, you may begin.

Matt R. McGrew - VP, IR: Good morning everyone and thanks for joining us. On the call today are Larry Culp, our President and Chief Executive Officer and Dan Comas, our Executive Vice President and Chief Financial Officer.

I'd like to point out that our earnings release, a slide presentation supplementing today's call, our second quarter Form 10-Q and the reconciling and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call are all available in the Investors section on our website,, under the heading Financial Information Quarterly Earnings and will remain available following the call. The audio portion of this call will be archived on the Investor section of our website later today under the heading Investor Events and will remain archived until our next quarterly call. A replay of this call will also be available until July 25, 2013. The replay number is 888-203-1112 in the U.S., and 719-457-0820 internationally, and the confirmation code is 5527091.

During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance. Please refer to the supplemental materials in our second quarter Form 10-Q for additional factors that impacted year-over-year performance. All references in these remarks and accompanying presentation to earnings, revenues and other company-specific financial metrics relate only to the continuing operation of Danaher's business unless otherwise.

I'd also like to note that we'll be making some statements during the call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. It is possible that actual results might differ materially from any forward-looking statements that we make. These forward-looking statements speak only as of the date that they are made and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events, and developments, or otherwise.

With that, I'll turn the call over to Larry.

H. Lawrence Culp, Jr. - President and CEO: Matt, thanks. Good morning, everyone. In the second quarter better than anticipated core revenue growth and outstanding execution from our team, while the strong earnings margin and cash flow performance.

Core revenue growth of 2.5% was slightly higher than expected, led by Hach, Gilbarco, Beckman Coulter Diagnostics and our Life Sciences platform, all of which were up mid-single digits. Investments we've made in innovation and go-to-market initiatives in the high-growth markets continue to drive growth and help us capture market share.

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