The Washington, D.C.-based company posted profits of $883.5 million, or $1.16 per share, on sales of $5.9 billion for the three months ended Oct. 2, 2020, for a 32.3% bottom-line gain on sales growth of 34.4%.
Adjusted to exclude one-time items, earnings per share were $1.72, 36¢ ahead of Wall Street, where analysts were looking for sales of $5.5 billion.
Danaher’s life sciences segment pulled in $2.9 billion during the quarter, marking a rise of 72.4% year-over-year, while the diagnostics business rose 17.9% to $1.9 billion.
“We delivered outstanding third-quarter results, achieving double-digit revenue growth, over 60% adjusted EPS growth, and we more than doubled our free cash flow year-over-year,” Danaher president & CEO Rainer Blair said in a news release. “Since the onset of the COVID-19 pandemic, our team has turned unprecedented challenges into impactful opportunities to support our customers and the global community, and we’re proud to play a pivotal role in tackling COVID-19 head-on.
“Our performance is a testament to our associates’ dedication, as they stay focused on executing for our customers during the pandemic. With the Danaher business system as our driving force and the powerful combination of our innovative team, strong portfolio of businesses, and solid balance sheet, we believe Danaher will continue to outperform well into the future.”
Danaher did not offer specific guidance but said it anticipates its adjusted revenue growth, including Cytiva, which is Danaher’s recently acquired biopharma business (formerly GE Healthcare Life Sciences).
For the fourth quarter 2020 the Company anticipates that non-GAAP core revenue growth including Cytiva will be in the low-double digit range.
DHR shares were down -0.1% at $226.25 per share before hours today.