Danaher (NYSE:DHR) may be a real handful for the analysts that follow the stock, but its diverse business model is a good barometer of many different markets. Although some of Danaher's strong performance this quarter should certainly be attributed to the quality of the company and its management, it seems reasonable to conclude that economic conditions are actually not too bad.
The Quarter That Was
Danaher reported another quarter of double-digit growth (the company has an informal target of 10% quarterly growth), with revenue up 16%. Of that figure, "core" revenue growth was better than 12%.
The medical segment was something of a laggard at better than 7% organic growth, but that is actually not a bad performance at all by the current standards of healthcare. Tools was also relatively weak at 5% organic growth, but the company's joint venture with Cooper Industries (NYSE:CPB) makes the comparison less useful. Professional instrumentation was strong at over 15% growth, and industrial was the leader at better than 16% growth.
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