Danaher (DHR) FY2017 results: revenue $15.5 billion, down 8.1% on the year
Danaher Corp. (DHR) reported revenue of $15.5 billion for fiscal 2017, the year ended 31 December 2017, down 8.1% on the year before. Net income was $2.5 billion, down 2.4%, and diluted earnings per share $3.53. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$15.5 billion
-8.1% on the year
FY2010FY2017
Operating margin
16.6%
16.2% a year earlier
FY2010FY2017
Net income
$2.5 billion
-2.4% on the year
FY2010FY2017
Diluted EPS
$3.53
-3.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
15,519
16,882
14,434
-8.1%
Cost of revenue
6,948
7,548
6,663
-8.0%
Gross profit
8,571
9,335
7,771
-8.2%
Gross margin
55.2%
55.3%
53.8%
Research and development
956
975
861
-1.9%
Selling, general and administrative
5,043
5,624
4,748
-10.3%
Operating income
2,572
2,735
2,162
-6.0%
Operating margin
16.6%
16.2%
15.0%
Interest expense
140
184
140
-24.0%
Pre-tax income
2,543
2,611
2,039
-2.6%
Income tax
371
458
293
-19.0%
Effective tax rate
14.6%
17.5%
14.4%
Net income
2,492
2,554
3,357
-2.4%
Net margin
16.1%
15.1%
23.3%
Diluted EPS
$3.53
$3.65
$4.74
-3.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
3,478
3,522
3,802
-1.2%
Capital expenditure
571
590
513
-3.2%
Free cash flow
2,907
2,932
3,289
-0.9%
Free cash flow margin
18.7%
17.4%
22.8%
Cash from investing
-843
-5,243
-14,951
Cash from financing
-3,098
2,043
9,050
Depreciation and amortisation
1,117
1,128
881
-1.0%
Share-based compensation
127
130
104
-2.1%
Dividends paid
378
400
354
-5.4%
Diluted shares, weighted
706m
700m
708m
+0.9%
Shares outstanding at period end
697m
692m
687m
+0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
26,358
23,003
23,690
+14.6%
Non-controlling interest
9.6
74.0
73.7
-87.0%
Debt
10,522
12,269
12,870
-14.2%
Other liabilities
9,759
9,950
11,588
-1.9%
Total liabilities and equity
46,649
45,295
48,222
+3.0%
Fixed assets
2,223
2,354
2,303
-5.5%
Goodwill
21,769
23,827
21,015
-8.6%
Intangible assets
11,667
11,818
10,545
-1.3%
Securities held for sale or to maturity
45.4
n/a
n/a
Cash and equivalents
630
964
791
-34.6%
Receivables
3,522
3,186
2,985
+10.5%
Inventory
1,841
1,709
1,573
+7.7%
Other assets
4,951
1,437
9,010
+244.5%
Total assets
46,649
45,295
48,222
+3.0%
10-K for the year ended 31 December 2017, filed 21 February 2020: the filing.