OREANDA-NEWS. Danaher Corporation today announced results for the second quarter 2016. For the quarter ended July 1, 2016, net earnings from continuing operations were $656.7 million, or $0.94 per diluted share on a GAAP basis, which represents a 5% year-over-year decrease.  The results for the second quarter include the operations of Fortive Corporation ("Fortive"), which was spun-off to Danaher's shareholders on July 2, 2016.

Non-GAAP adjusted diluted net earnings per share from continuing operations for the second quarter 2016 was $1.25 per share, which reflects the adjustments identified in the attached reconciliation schedule.  This represents a 17% increase over the comparable 2015 amount.

For the second quarter 2016, revenues increased 16.5% year-over-year to $5.8 billion, with core revenue growth of 2.0% (non-GAAP).  Operating cash flow from continuing operations of $2.1 billion was up 26% on the comparable 2015 amount.

For the third quarter 2016, the Company anticipates that GAAP diluted net earnings per share from continuing operations will be $0.47 to $0.51. Non-GAAP adjusted diluted net earnings per share from continuing operations is expected to be $0.80 to $0.84, reflecting the adjustments identified on the attached reconciliation schedule.

For the full year 2016, the Company anticipates GAAP diluted net earnings per share from continuing operations to be $2.79 to $2.86.  Non-GAAP adjusted diluted net earnings per share from continuing operations is expected to be $3.53 to $3.60, reflecting the adjustments identified on the attached reconciliation schedule.  Both the third quarter and full year 2016 guidance treat Fortive as a discontinued operation for the full year 2016.

Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, "We were pleased with our performance in the second quarter. Our team continued to execute well in challenging economic conditions, delivering high-teens adjusted earnings per share growth, and strong operating and free cash flow from continuing operations in the quarter."

Joyce added, "We also successfully completed the spin-off of Fortive on July 2nd.  Going forward, Danaher will be a diversified, multi-industry, science and technology company with the Danaher Business System continuing as our foundation and competitive advantage."

Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands have leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. With more than 20 operating companies, Danaher's globally diverse team of 59,000 associates is united by a common culture and operating system, the Danaher Business System.

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these measures are included in the supplemental reconciliation schedule attached.