Medical and industrial equipment maker Danaher Corp. on Wednesday raised its fourth-quarter and full-year adjusted profit guidance above Wall Street estimates and issued a positive outlook for its financial performance in 2010.
The company now expects fourth-quarter adjusted earnings per share in a range of $1.05 to $1.10, up from its previous guidance of 99 cents to $1.09. Danaher raised its 2009 adjusted profit forecast to a range of $3.46 to $3.51 per share from $3.40 to $3.50, previously.
Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting fourth-quarter earnings per share of 97 cents and 2009 profit of $3.46 per share.
"While 2009 was a challenging year, our team's execution on the restructuring initiatives is on schedule and was the primary driver behind our revised fourth quarter guidance," President and CEO H. Lawrence Culp, Jr. said at an analyst meeting in New York.
The company also expects 2010 earnings per share of $3.80 to $4.10, on core revenue growth of 1 percent to 5 percent year-over-year. The midpoint of Danaher's guidance tops Wall Street's average $3.90-per-share estimate.
Shares rose 9 cents to close earlier at $72.86.