The ratings on Danaher Corp. reflect the firm's above-average business profile, together with a sound balance sheet, strong cash flow protection, and a moderately conservative financial policy. Although Danaher's business is cyclical, factors such as strong brand-name recognition; customer, end-market, and geographic diversity; limited capital intensity; and a healthy portion of sales going to the more stable replacement markets mitigate earnings and cash flow volatility. This bodes well for continued strong operating performance. For 2001, net earnings, excluding restructuring charges, were $324.2 million, up 5% from 2000. Earnings for the first quarter of 2002, eliminating the amortization of goodwill for the first quarter of 2001, were flat with earnings from the same previous year period, notwithstanding a 15% volume decline
