Danaher Corp. Q4 FY2023 results: revenue $6.4 billion, down 10.2% on the year

Danaher Corp. (DHR) reported revenue of $6.4 billion for Q4 FY2023, the quarter ended 31 December 2023, down 10.2% on the same quarter a year earlier. Net income was $1.1 billion, down 51.2% on the year, and diluted earnings per share $1.45. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$6.4 billiondown 10.2%

Net income$1.1 billiondown 51.2%

Diluted EPS$1.45

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	6,405	6,873	n/a	n/a
Cost of revenue	1,070	2,873	n/a	n/a
Gross profit	3,779	4,000	n/a	n/a
Gross margin	59.0%	58.2%	n/a
Research and development	239	417	n/a	n/a
Selling, general and administrative	843	2,145	n/a	n/a
Operating income	1,337	1,438	n/a	n/a
Operating margin	20.9%	20.9%	n/a
Interest expense	n/a	73.0	n/a	n/a
Pre-tax income	457	1,397	n/a	n/a
Income tax	-79.0	268	n/a	n/a
Effective tax rate	-17.3%	19.2%	n/a
Net income	1,079	1,129	n/a	n/a
Net margin	16.8%	16.4%	n/a
Diluted EPS	$1.45	$1.51	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,619	1,672	n/a	n/a
Capital expenditure	402	365	n/a	n/a
Free cash flow	1,217	1,307	n/a	n/a
Free cash flow margin	19.0%	19.0%	n/a
Depreciation and amortisation	n/a	554	n/a	n/a
Share-based compensation	26.0	92.0	n/a	n/a
Buybacks	n/a	0.0	n/a	n/a
Dividends paid	200	199	n/a	n/a
Diluted shares, weighted	n/a	746m	n/a	n/a
Shares outstanding at period end	739m	739m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	84,488	87,734	n/a	n/a
Cash and equivalents	5,864	12,277	n/a	n/a
Receivables	3,922	4,201	n/a	n/a
Inventory	2,594	3,024	n/a	n/a
Goodwill	41,608	39,155	n/a	n/a
Long-term debt	18,402	22,060	n/a	n/a
Operating lease liabilities	954	n/a	n/a	n/a
Shareholders' equity	53,486	52,407	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	6,873	6,405	5,796	5,743	5,798	6,538	5,741	5,936	6,053	6,838	5,951	6,265
Cost of revenue	2,873	1,070	2,309	2,315	2,397	2,648	2,230	2,413	2,530	2,872	2,360	2,654
Gross profit	4,000	3,779	3,487	3,428	3,401	3,890	3,511	3,523	3,523	3,966	3,591	3,611
Gross margin	58%	59%	60%	60%	59%	59%	61%	59%	58%	58%	60%	58%
R&D	417	239	368	391	383	442	379	403	378	438	387	412
SG&A	2,145	843	1,807	1,869	2,060	2,023	1,858	2,360	1,991	2,026	1,860	2,072
Operating income	1,438	1,337	1,312	1,168	958	1,425	1,274	760	1,154	1,502	1,344	1,127
Operating margin	21%	21%	23%	20%	17%	22%	22%	13%	19%	22%	23%	18%
Interest expense	73.0	n/a	65.0	65.0	87.0	61.0	72.0	71.0	67.0	55.0	63.0	107
Pre-tax income	1,397	457	1,271	1,083	977	1,315	1,129	655	1,076	1,373	1,235	1,078
Tax rate	19%	-17%	14%	16%	16%	17%	16%	15%	16%	14%	17%	19%
Net income	1,129	1,079	1,088	907	818	1,086	954	555	908	1,197	1,029	870
Net margin	16%	17%	19%	16%	14%	17%	17%	9%	15%	18%	17%	14%
Diluted EPS	$1.51	$1.45	$1.45	$1.22	$1.12	$1.50	$1.32	$0.77	$1.27	$1.69	$1.45	$1.23
Operating cash flow	1,672	1,619	1,739	1,417	1,513	2,019	1,299	1,338	1,662	2,117	1,322	1,534
Capital expenditure	365	402	291	287	298	516	245	248	292	371	237	269
Free cash flow	1,307	1,217	1,448	1,130	1,215	1,503	1,054	1,090	1,370	1,746	1,085	1,265
Buybacks	0.0	n/a	0.0	4,530	640	809	1,078	0.0	2,010	0.0	0.0	894
Dividends paid	199	200	177	200	196	195	194	229	229	226	226	283
Shares outstanding	739m	739m	741m	724m	722m	719m	716m	716m	706m	707m	708m	703m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0000313616-24-000052: the filing on EDGAR. All of Danaher Corp.'s filings: EDGAR company page.

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