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Danaher (DHR) Thomas Patrick Joyce on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 21, 2016 8:00 am ET

Executives

Matthew E. Gugino - Vice President-Investor Relations

Thomas Patrick Joyce - President, Chief Executive Officer & Director

Daniel L. Comas - Chief Financial Officer & Executive Vice President

Analysts

Scott Reed Davis - Barclays Capital, Inc.

Charles Stephen Tusa - JPMorgan Securities LLC

Nigel Coe - Morgan Stanley & Co. LLC

Shannon O'Callaghan - UBS Securities LLC

Steven Eric Winoker - Sanford C. Bernstein & Co. LLC

Ross Muken - Evercore ISI

Jeffrey T. Sprague - Vertical Research Partners LLC

Deane Dray - RBC Capital Markets LLC

Andrew Burris Obin - Bank of America Merrill Lynch

Julian Mitchell - Credit Suisse Securities (NYSE:USA) LLC (Broker)

Operator

My name is Isa, and I will be your conference facilitator today. At this time I would like to welcome everyone to the Danaher Corp. First Quarter 2016 Earnings Results Conference Call. All lines have been put on mute to prevent any background noise.

After the speakers' remarks there will be a question-and-answer session.

I will now turn the call over to Mr. Matt Gugino, Vice President of Investor Relations. Mr. Gugino, please begin your conference.

Matthew E. Gugino - Vice President-Investor Relations

Thank you, Isa, and good morning, everyone and thanks for joining us on the call. With us today are Tom Joyce, our President and Chief Executive Officer; and Dan Comas, our Executive Vice President and Chief Financial Officer. I would like to point out that our earnings release, the slide presentation supplementing today's call, our first quarter Form 10-Q and the reconciliation and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call are all available on the Investor section of our website www.danaher.com under the heading Financial Information.

The audio portion of this call will be archived on the Investor section of our website later today under the heading Events and Presentations and will remain archived until our next quarterly call. A replay of this call will also be available until April 28, 2016. The replay number is 888-203-1112 within the U.S. or 719-457-0820 outside the U.S. and the confirmation code is 4643245.

During the presentation, we will describe certain of the more-significant factors that impacted year-over-year performance, the supplemental materials describe additional factors that impacted year-over-year performance. Unless otherwise noted, all references in these remarks and supplemental materials to company-specific financial metrics relates to the continuing operations of the company and the first quarter of 2016 and all references to period-to-period increases or decreases in financial metrics are year-over-year.

During the call we will make forward-looking statements within the meaning of the Federal Securities laws including statements regarding events or developments that we believe or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties including those set forth in our SEC filings and actual results might differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of the date that they are made and we do not assume any obligation to update any forward-looking statements.

With that, I'd like to turn the call over to Tom.

Thomas Patrick Joyce - President, Chief Executive Officer & Director

Thanks, Matt, and good morning, everyone. We're pleased with our start to 2016 as our team continued to outperform in the face of uncertain and challenging economic conditions. In the quarter, we delivered high-teens earnings growth, healthy operating margin expansion and free cash flow that was up over 50% year on year. The Danaher Business System remains the driving force behind our performance, equipping our team with the tools to strengthen our competitive position, the focus to invest in high-impact growth opportunities and the flexibility to position our businesses for long-term success.