Washington, DC-based science and medical technology company Danaher Corp. (NYSE: DHR – $141.54) posted higher earnings in the second quarter as revenue rose. The company earned $708.6 million, or $1.19 a share on an adjusted basis, compared to $1.15 a year earlier and topping Street expectations by three cents. Revenue for the quarter was $5.16 billion, compared with $4.98 billion in the prior year. A consensus of analysts estimated sales of $5.08 billion. The company said it expects adjusted per-share earnings for 2019 to be between $4.75 and $4.80. It had previously expected between $4.72 and $4.80. and is projecting third quarter adjusted earnings of $1.16.
Danaher said in a statement that the company is on track to acquire GE Biopharma and to make an initial public offering on its dental business, which will be called Envista. The company has strong core businesses which include the design, manufacture and marketing of professional, medical, industrial and commercial products and services worldwide. Along with the anticipation of the new biopharma acquisition, the company should be able to drive double-digit earnings growth on mid-single-digit sales gains. The stock, up 40% over the past year, is a worthwhile conservative holding.