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Danaher, Tektronix parent, reports higher sales and profits
Jan 29, 2013 (The Oregonian - McClatchy-Tribune Information Services via COMTEX) --
Tektronix revenues declined "at a high single-digit rate" in the last three months of 2012, the Washington County company's corporate parent said this morning. That's "a modest improvement" over a double-digit percentage decline the prior quarter.
Tek's parent company, Danaher Corp., said its overall sales and profits were both up in the fourth quarter. But market conditions remain weak at Tektronix, which Danaher bought for $2.85 billion in 2007.
Tek's North American sales were up from the third quarter, Danaher chief executive Larry Culp said on a conference call with investment analysts this morning, "although demand in Europe, Japan and China remains weak."
Tektronix makes oscilloscopes and similar equipment that engineers use to design and test a variety of electronics. Once Oregon's signature technology company, Tek's profile has been in steady decline since its 2007 sale to Danaher.
Danaher does not provide financial results or employment data for Tektronix. But Danaher said fourth-quarter sales in its test-and-measurement division, which includes Tek, totaled $863.7 million. That's up from $855.5 million in the same three months last year. For the full year, test-and-measurement sales were flat.
Fourth-quarter operating profits in that group totaled $161.8 million, down from $183.6 million in the same three months of 2011.
Layoffs at Tek's Washington County headquarters began soon after Danaher's 2007 takeover, and have trimmed the company's Oregon work force by as much as half from the 2,000 that worked there at the time of the sale.
Danaher shares were up 62 cents this morning at $61.33, trading near an all-time high (after adjusting for splits and dividends).
Note: This article has been updated with details from Danaher's conference call with investment analysts.
-- Mike Rogoway; twitter: @rogoway; phone: 503-294-7699
___ (c)2013 The Oregonian (Portland, Ore.) Visit The Oregonian (Portland, Ore.)
at www.oregonian.com Distributed by MCT Information Services
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