Danaher Sales & Earnings Grow

Jason Sandefur

Danaher�s Tools & Components segment, including fasteners, reported sales for the second quarter of 2003 slipped declined 6% to $284.9 million, while profit fell 4% to $43.7 million. Danaher noted the figure reflects true sales declines, as the segment had no acquisitions during the quarter. The Washington, DC-based manufacturer said it plans to pursue plant closures and consolidation of existing operations in its tools businesses, which include Danaher Hand Tool Group, Matco Tools, and Jacobs Chuck Mfg.
For the first six months of 2003, Tools & Components sales dropped 3.4% to $553.1 million, while profit dipped 2.4% to $78.3 million.
Overall Q2 results showed sales rose 13% to $1.29 billion, while net earnings improved 21% to $125.1 million.
First half sales gained 16% to $2.5 billion, and net earnings jumped 22% to $228.3 million. Web: danaher.com �2003 FastenerNews.com