Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Danaher Corporation (NYSE: DHR) posted better-than-expected fourth-quarter financial results on Tuesday.
Danaher reported a fourth-quarter 2023 adjusted EPS of $2.09, down from $2.54 a year ago, surpassing the consensus of $1.89, according to data from Benzinga Pro. Sales decreased 10% Y/Y to $6.4 billion, beating the consensus of $6.09 billion. Non-GAAP core revenue decreased 11.5%, including a 4.5% non-GAAP base business core revenue decline.
Rainer Blair, President and Chief Executive Officer, stated, “We delivered better-than-expected revenue in each of our segments in the fourth quarter—led by respiratory revenue at Cepheid.”
Beginning with the first quarter of 2024, the company will continue to provide guidance for core revenue growth but will no longer provide guidance for or report base business core revenue as the pandemic has transitioned to an endemic state.
For the first quarter of 2024, the company anticipates non-GAAP core revenue will be down high-single digits year-over-year. For 2024, the company anticipates non-GAAP core revenue will be down low-single digits year-over-year.
Danaher shares fell 1.6% to trade at $241.10 on Wednesday.
These analysts made changes to their price targets on Danaher after the company reported quarterly results.
- Raymond James boosted the price target on Danaher from $240 to $270. Raymond James analyst Andrew Cooper maintained an Outperform rating.
- RBC Capital increased Danaher price target from $254 to $282. RBC Capital analyst Conor McNamara maintained an Outperform rating.
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Latest Ratings for DHR
| Jan 2022 | Wells Fargo | Maintains | Overweight | |
| Jan 2022 | Barclays | Maintains | Overweight | |
| Jan 2022 | Bernstein | Initiates Coverage On | Outperform |
View the Latest Analyst Ratings
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