Good day. My name is Aaron and I will be your conference facilitator today. At this time, I would like to ask a question and answer session. I will now turn the call over to Mr. Matt Gugino, Vice President of Investor Relations.
Mr. Gugino, you may begin your conference.
Thanks, Erin, and good morning, everyone, and thanks for joining us. Like to turn the call over to Tom Joyce, our President and Chief Executive Officer and Dan Comas, our Executive Vice President and Chief Financial Officer. Like to point out that our earnings release, a slide presentation supplementing today's call and the reconciling and other information required by SEC Regulation G like to turn the call over to our financial results. Thank you, like to turn the call over to our financial information to ask quarterly earnings to remain available following the call. The audio portion of this call will be archived on the Investors section of our website later today under to turn the heading to investor events and will remain archived into our next quarterly call.
A replay of this call will also be available until February 3, 2015. Like to turn the call over to the operator for questions. The replay number is 888-203-1112 in the U. S. And 719-457-0820 internationally like to turn the call over to the operator.
During the presentation, we will describe certain of the more significant factors that like to turn the call over to the supplemental materials in our annual report on Form 10 ks when it is filed for additional factors that impacted year over year performance. Like to conclude the Q4 of 2014 relate only to the continuing operations of Standard's business and all references to period to period increases or decreases and financial metrics are year over like to note that we'll be making some statements during the call that are forward looking statements within the meaning of the federal securities laws, to turn the call over to Eric to discuss our financial results. Please note that the call is being recorded. Please note that the call is being recorded. Please note that the like to turn the call over to our press release.
It is possible that actual results might differ materially from any forward looking statements we make today. These forward looking statements speak only as of the date that they are made, and we do not not assume any obligation to update any forward looking statements whether as a result of new information, future events and developments or otherwise. With that, I'd like to turn the call over to Tom. Like to turn
the call over to Matt. Thanks, Matt, and good morning, everyone. We were very pleased with the strong finish to 2014. Like to turn the call over to Dan and her business system continued to enhance our competitive advantage, driving market share gains, solid core margin expansion like to turn the call over to Eric to discuss our financial results and record free cash flow generation. For the full year, our targeted organic investments helped drive like to turn the call over to our operator for questions.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric.
Good morning, everyone. Like to turn the call over to Eric. These investments in new products and go to market initiatives enabled us to increase market share in many of our businesses including Fluke, Hach, like to turn the call over to Bob.
Thank you, Bob.
Thank you, Bob. Thank you, Bob. Thank you, Bob. Thank you, Bob. Like to turn the call over to Eric to discuss our financial results.
Thank you, Eric.
Thank you, Eric.
Like to turn the call over to Eric to review our financial results for nearly $4,000,000,000 improving our market leading positions across the portfolio. Like to turn the call over to Eric to discuss our financial results. Thank you, Eric. Like to turn the call over to Eric. Thank you, Eric.
We also announced the combination of our
communications business with NETSCOUT, which we believe will better position these 2 highly complementary businesses like to thank our employees for long term success. Finally, we divested the electric vehicle system and hybrid product lines within our automation platform. Like to turn the call over to Eric to discuss our financial results and smartly deploying our $8,000,000,000 plus of acquisition capacity. In 2014, we generated a record like to turn the call over to Eric to discuss our financial results. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Like to turn the call over to Eric to discuss our financial results. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric.
Good morning, everyone. Like to extend to $0.40 per share from $0.10 per share. Turning to the 4th quarter, revenues grew 3% like to provide an update on our financial results to $5,400,000,000 while organic revenue grew 4% exceeding our expectations. Like to turn the call over to Eric to discuss our financial results. Thank you, Eric.
Thank you, Eric. Thank
you, Eric.
Like to turn the call over to Eric to discuss our financial results, partially offset by slowing growth in Latin America and a high teens decline in Russia. In the developed markets, like to be experienced in the 1st 3 quarters of the year. Sales in the U. S. Increased at the fastest rate since the Q2 of 2011 with to turn the call over to our Gilbarco, beta Root and Life Sciences platforms up more than 10%.
Our 4th quarter gross margin like to turn the call over to our financial results. Thank you, Eric. Thank you, Eric. Good morning, everyone. I'll now
turn the call over to
like to extend 50 basis points to 16.4 percent due primarily to increased productivity charges and the dilutive impact of recent acquisitions. Like to turn the call over to Eric to discuss our financial results. In total, we spent approximately $155,000,000 on productivity initiatives in the 4th quarter. Like to turn the call over to Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone. Like to turn the call over to Eric. Thank you, Eric. This allowed us to increase our combined investment in R and D and sales and marketing over $200,000,000 from 2013, while expanding core operating margin like to turn the call over to our previous guidance of $1 to 1.04 like to turn the
call over to Eric
and discuss our financial results and represents an increase of 8% year on year. For the full year, adjusted diluted net EPS like to turn the call over to Eric to discuss our financial results. Test and Measurement revenues increased 1.5%, while core revenues were up 0.5%. Like to turn the call over to Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Good morning, everyone. Like to turn the call over to Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric.
Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone. Like to turn the call over to Eric to discuss our financial results. Thank you, Eric. This was the platform's highest quarterly growth rate in over 3 years driven by improving market conditions, organic investments like to turn the call over to Eric to discuss our financial results.
Thank you, Eric. Good morning, everyone. To turn the call over to Eric to discuss our financial results. Thank you, Erin. Like to turn the call over to our operator.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone. Like to turn the call over to Eric. At Tektronix, core sales were up mid single digits representing the highest quarterly growth rate since the Q3 of 2011. Like to turn the call over to Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone. Like to turn the call over to Eric. During the quarter, Tektronix launched the RSA306 radio frequency spectrum analyzer, a portable like to turn the call over to Eric to discuss our Q1 performance. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Good morning, everyone.
Like to turn the call over to questions. Our communications platform core revenues decreased at a double digit rate. Mid single digit note that the growth in our Security Solutions and Network Enterprise businesses was more than offset by a decline in Network Management Solutions like to turn the call over to Eric to discuss our Q1 results. Despite the weakness on the top line, like to turn the call over to Eric. Thank you, Eric.
We were encouraged by our book to bill ratio, which was almost 1.2 times for the second half of twenty fourteen. Like to turn the call over to Eric to discuss our financial results. Thank you, Eric. Communications business with NETSCOUT to close in mid-twenty 15, subject to approval by NETSCOUT shareholders and the like to provide a reconciliation of customary closing conditions, including regulatory approvals and the absence of a material adverse change with respect to either our communications like to turn the call over to our Investor Relations business or NETSCOUT. At Arbor, North American sales increased over 25% like to turn the call over to Eric with robust demand from enterprise security customers.
During the quarter, Arbor further strengthened its presence in the enterprise segment like to turn the call over to our operator for questions. Thank you, like to take a look at our global networks in real time and in greater detail than ever before. Fluke Networks saw double digit growth in its network installation tools
like to turn the call over to our Investor Relations
and Enterprise Systems Products. Fnet's bookings also grew at a double digit rate, surpassing $100,000,000 in a quarter for the first time in like to turn the call over to our environmental segment. Revenues grew 5.5% with core revenues up 5%. Like to turn the call over to Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone. Thank you, Eric. Good morning, everyone. Thank you, Eric.
Good morning, everyone. Good morning, everyone. Good morning, everyone.
Like to turn the call over to Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Good morning, everyone. To turn the call over to our operator for questions.
Hach had another outstanding quarter with growth across most major product lines. Like to turn the call over to our operator. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Our first question comes from the line of like
to turn the call over to
the operator.
Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Like to turn the call
over to Eric. And last
quarter, we highlighted the SL-one thousand Portable Parallel Analyzer, a breakthrough product that simplifies the water quality testing process. Like to turn the call over to Mark. Hachs new product introductions including the SL1000 have exceeded expectations with revenue from new portable lab products like to turn the call over
to the operator for the Q1 of 2019.
ChemTreat has now nearly doubled in size from its acquisition in 2,007. Notably, this has largely been organic, like to turn the call over to Eric to discuss the results of the development and application of their best in class go to market model. Gilbarco Vida Root's core like to turn the call over to Eric to discuss our financial results. Thank you, Eric. Our first question comes from the line of like to comply with upcoming EMD security requirements.
Sales were also robust in China like to turn the call over to Eric to discuss our financial results. Moving to Life Science and Diagnostics, like to turn the
call over to Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone.
Like to turn the call over
to Eric to discuss our financial results. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Good morning, everyone. Like to turn the call over to the operator for the Q3. For the 3rd consecutive quarter, core revenues at Beckman Coulter increased at a mid take a look at our quarterly results for the quarter. We are pleased to announce that our Q1 results are in the quarter and full year
2019 results.
Beckman also experienced strength in their automation business where new like to turn the call over to Eric to discuss our like to turn the call over to the operator for questions. Beckman received like 10 ks clearance for the Vitamin D Total Assay on its Access line of instruments. This represents a significant addition like to be a member of Beckman's bone metabolism testing menu as nearly 1,000,000,000 people in the world are estimated to be vitamin D deficient. Like to turn the call over to our operator for questions. Radiometer's core revenues were up approximately 10% with HemaQ sales increasing double digits
like to turn the call
over to our operator. 2014 marked Radiometer's 10th anniversary with Danaher. Like to turn the call over to Eric to discuss our financial results. The results over the past decade have been extraordinary with the team increasing revenues more than 2.5 times to nearly $800,000,000 like to turn the call over to Eric to discuss our like to turn the call over to the operator for the Q1 of 2019. Advanced Staining finished the year particularly strong in the U.
S, like to turn the call over to our operator for closing remarks. In December, Leica Biosystems acquired Devicore, like to turn the call over to
our operator
for questions. Like to turn the call over to Lisa. This acquisition moves LICA further upstream in anatomical pathology to the biopsy, providing better sample control like to turn the call over to Eric to discuss our financial results and deliver higher levels of diagnostic quality and confidence. Core revenues in our life science platform were like to turn the call
over to Eric. Thanks, Eric. Thanks, Eric.
Thanks, Eric. Thanks, Eric. Thanks, Eric. Thanks, Eric. Thanks, Eric.
Thanks, Eric. Thanks, Eric. Good morning, everyone. Good morning, everyone. Good morning, everyone.
Good morning, everyone. Good morning, everyone. Good morning, everyone. Like to turn the call over to the operator. We've been pleased with the market reception of our new 6,600 Triple TOF like to turn the call over to our operator for questions.
Thank you, Eric. Our first question comes from the line of like to turn the call over to Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank
you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Like to turn the call over to the operator for questions. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone. Like to turn the call over to Eric and discuss our financial results. Like to turn the call over to Mike. Leica Microsystems core sales increased mid single digits with growth across all major product lines.
Like to turn the call over to Eric. Thank you, Eric. The confocal line of microscopes continues to garner industry recognition with the latest SP8 STED-3X receiving a like to turn the call over to our next question. The Stead further advances research in important fields such as immunology like to provide scientists a 3 d view of previously unobservable details of living cells.
Like to turn the call over
to the operator. Turning to Dental, segment revenues increased 6%, while core revenues were up 2.5%. Like to turn the call over to Eric. Thank you, Eric. Our core operating margin improved 185 basis points.
As we previously mentioned, during the quarter we closed
like to turn the call over to
our operator of core revenue growth. While still very early, we've been pleased with the feedback from both associates and customers like to turn the call over to our operator for questions. Like to turn the call over to
Eric to discuss our financial results.
Thank you, Eric. Thank you, Eric. Good morning, everyone. Good morning, everyone. Good morning, everyone.
Good morning, everyone. Like to turn the call over to our operator. Thank you, Eric. Our first question comes from the line of like to turn the call over to Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Good morning, everyone. Like to turn the call over to Eric to discuss our question and precise
temperature control giving Endodontist
unmatched accuracy and flexibility to perform complex procedures such as root canals. Like to Dental Technologies core revenues were up low single digits led by double digit growth in handpieces. Like to turn the call over to Ericsson's Q and A. Last quarter, we launched the iCAT Flex MV, our most recent advance in 3 d imaging. Like to turn the call over to our operator.
Our next question comes from the line of CABO like to turn the call over to the Q1 of 2019. The Q1 of 2019 is our latest innovation in surgical instruments for dental implants and oral surgery, like to provide an overview of our clinical practice. We are now ready for the Q4 of 2019. Like to turn the call over to Eric. The MasterSurg line also provides better surgical command and flexibility with the industry's first wireless foot control.
Like to turn the call
over to Eric. Moving to our Industrial Technologies segment. Revenues declined 1%, while core revenues were up 5%. Like to turn the call over to 20.4%. Automation core revenues grew at a low single digit rate led by strong demand in North American distribution like to turn the call over to Eric and for Industrial Automation Products in China.
This marks the 3rd consecutive quarter of growth for the automation platform. Like to turn the call over to Eric to discuss our financial results. At Videojet, core revenue was up high single digits like to turn the call over to Eric to discuss our financial results. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Good morning, everyone. Like to turn the call over to our operator for questions. With remote services, maintenance technicians can now resolve customer problems up to 90% faster than field visits.
Like to turn the call over to our operator. Thank you. Thank you. Our next question comes from the line of like to turn the call over to Eric to review our financial results in 2014. Ex Right finished the year strong with both sales and orders growing double digits.
In December, like to turn the call over to our operator. Thank you, everyone. Thank you, everyone. Thank you, everyone.
Like to turn the call over
to our operator to review the presentation. The color of the year and the billions of media impressions it generates like to turn the call over to Eric to review our Q1 results. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Good morning, everyone.
Like to turn the call over to Eric.
So to wrap up, we had a strong finish to the year with core revenue growth exceeding our expectations. Like to turn the call over to the operator. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Good morning, everyone.
Thank you, Eric.
Good morning, everyone. Good morning, everyone.
Like to turn the call over to Eric. While cognizant of the current macroeconomic challenges, our investments in growth and productivity initiatives combined with a robust balance sheet like to turn the call over to Eric to discuss our financial results and certain acquisition related charges. We are assuming 1st quarter core revenue growth of 4% or better. Like to turn the call over to Eric. Thank you, Eric.
We are also updating our full year 2015 adjusted diluted net earnings per share guidance, which we now expect to be in the like to change a $4.30 to $4.40 The strengthening of the U. S. Dollar since our December investor meeting like to turn the call over to Eric to discuss our financial results. Thank you, Eric. Our next question comes from like to turn the call over to approximately $0.05 per share of this headwind from savings associated with the incremental 4th quarter productivity initiatives we highlighted, like to note that we will discuss our financial results.
We will now begin the call to discuss our financial results. Like to turn the call over to Eric. Thank you, Eric. Thank you, Eric.
Like
to
we will first go to Steven Whittaker with Bernstein. Your line is now open.
Thanks and good morning guys.
Good morning, Steve.
Like to I hope you're staying warm and dry down there.
And same to you and to all on the call. Thanks for what might have been a challenging morning for many.
Like to
turn the call over to Eric.
I'm sure none of us would miss this.
Anyway, core operating margin in T and M
and Environmental, could you just walk
us through like to The slight decline in T and M and the bigger one environmental, what drove that? A little more detail there would be great.
Sure, Steve. The Test and Measurement and obviously the decline this quarter is a lot less than it's been in previous like to turn the call over to Steve.
Thank you. Thank you. Thank you. Thank you. Thank you.
Thank you.
Thank you. Thank you. Thank you. Thank you. Thank you.
Thank you. Thank you. Thank you. Thank you. Thank you.
Thank you. Thank you.
Thank you. Thank you. Our next question comes from
like to turn the call back to the operator for questions. And then environmental?
Environmental, it was pretty clear like to turn the call over to Eric.
Thank you. We were
having a very strong quarter, both at GVR and across the water businesses. They have a number of growth initiatives, like to take a look at this. And this created an opportunity to accelerate some of that R and D and go to market investment here in the Q4. Like to turn the call over to Eric. I don't think it's indicative of a trend at all.
I think it was an opportunity to get ahead of some things given the strength we saw that began early in Q4.
Like to take a look at the Q1. And Steve, just to add to that, on the environmental side, certainly at Hach and the Water Analytics businesses, those businesses continue to perform like to thank everyone for joining us today. They've covered virtually every bet they've made when it came to some incremental investment to drive top line and share like to thank everyone for their participation in the opportunity to put a little bit more at work to drive growth and share, like to thank you for joining us today.
Okay, great. And then on currency, like to take a look at the numbers. Okay. Maybe I know we've talked about currency a lot in the past. You weren't able to fully offset that for your guide for the year just given how like to make a drop, obviously, it's been even since December.
But are we should we what's your ability, I think, to sort of provide, like to ask questions. Do you think maybe additional offsets during the year? And then secondly, just do you have any competitive issues on pricing whatnot in any of your markets as like
to provide a question on like to The first point, we have in no way have we thrown in the towel on the balance of going after like That extra $0.05 we're continuing to challenge the teams as we always do to try to come back on that. But we're encouraged by the strong start like to turn the call back over to the Q4, encouraged by what we're seeing in the early stages here of January. Like to turn the call back over to Eric. So that feels good. But we know the strength of the dollar is a headwind.
We're doing things proactively as we did like to be using the productivity initiatives to get a piece of that back. Siemens is obviously going to help a bit there. Like to turn the call back over to Eric.
And I think we'd also get a little bit of help,
and that's part of the $0.05 that we've clawed back from what we think would be like to ask maybe a little bit of deflation that could help us on some commodity costs and perhaps some freight and transport like to take a look at the cost. So I think we've got a few things that give us confidence in getting the first $0.05 back, but we're continuing to work on the balance for sure. Like to turn the
call back over to Eric. I think
on the second question about competitively, clearly there's been an impact with the euro on our financial results, like to turn the call back over to the operator. But competitively, we have not seen that impact. We said after the Q3, we thought we were taking share in Europe. Like to turn the call over to Eric. Thank you.
We just posted a mid single digit core growth number in Europe. I suspect that's going to be towards the top of the class here after all companies will like to thank the stronger dollar, we are performing extremely well in Europe right now.
All right, guys. I'll pass it on. Thanks.
Like to turn the call back over to the operator. Thanks,
Steve. And our next question comes from Shannon O'Kellahan with UBS. Your line is now open.
Like
to turn the call
over to Sean.
Good morning, guys.
Hey, Shannon. Hey, just in terms of the strength that you saw in the like to turn the call over
to Eric
to discuss the question
and answer session.
Maybe a little more color
on what particular piece of that might have surprised you most and what you feel the best about continuing?
Like to Sure. Well, as I think I mentioned, it was a terrific quarter in the U. S, the best since the Q2 of 2011. Like to turn the call back over to Shannon. It was remarkably broad based, Shannon.
We saw strength at GVR, saw strength in T and M Instruments, like to take a look at the
outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook for the outlook.
Like to turn the call over to Eric. The Hach business continues to perform very well with our muni customers releasing funds associated like to turn the call over to Eric to discuss our financial results. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone. Like for him. So it was a number of businesses that had a very good finish to the year in the U. S.
Like And sometimes we've had a good Q4 and then kind of catches up a little bit in 1Q. I mean this was you didn't sense any kind of like to take a look at the next question.
Yes. So one of my favorite topics, of course, Shannon, in the 1st week of any January like to take a question from the line of Chris and his line of Chris and his line of like to turn the call back over to Eric. The early January orders and it is still early appear pretty good. So we're encouraged by that and we like to turn the call back over
to Eric.
Yes. And then just on M and A, the world's gotten more volatile here in the market certainly in 2015. Like to ask questions. Is that good for you guys from an M and A perspective? I mean, do you feel better about the acquisition environment than you did a few months ago or worse?
How does it impact you?
Like to Well, Shannon, generally volatility is kind of a positive for the strong corporate buyers. We've seen some like to remind you that some of the restrictions being put on private equity here around leverage that definitely has a favorable impact as well.
Okay, great. Thanks guys.
Like to Thanks, Shannon.
And our next question comes from Steve Tusa with JPMorgan. Your line
is open.
Hey, good morning. Like to
Good morning, Steve. Can you just talk about what you're seeing in emerging markets and maybe within some of your more cyclical businesses in emerging markets, like to China maybe specifically?
Sure, Steve. We're continuing to see very good performance in China. Like to But first of all, just broadly across high growth markets, we clearly have seen a narrowing of the delta like to
take a look at the
outlook that we've seen for a long time
between the
high growth markets and the developed markets in general. Part of that is a function of some of the strength we've seen
like to
In the U. S, certainly, our execution in Europe, where we've gained share in a variety of places, continues to also support like to take a look at the outlook for the Q1. On the high growth market side, again helping it or causing like to turn the call back over to the operator for questions. Okay. And then, on the like to turn the call back over to the operator for questions.
Obviously, some weakness in smaller markets where we have less exposure, but we see a little bit of impact in places like like to turn the call back over to the operator. And Brazil clearly is in a slower growth mode than it had been in the prior couple of years. Probably a bright spot in the Middle East like to turn the call over to Eric with excellent performance from our businesses, but I see actually we believe a pretty good macro environment there, at least at the moment. Like to turn the call back over to Steve. In China specifically, Steve, we've had very good performance across a number of our businesses.
The remind you that the environmental business, certainly Hach and GVR performing exceptionally well there. Our dental business continues like to grow double digits in China and probably the core we spot remains the life science business. We talked quite a bit over the like to ask a number of months about some of the issues there relative to like to discuss some scrutiny around tenders, some slowing of the release of funding. But we think there we might think like to turn the call back over to Tom.
There may be a point of stability
that we've reached here and maybe some cause for some improvement here in 2015. Dan was like to be just there a week or so ago in China and you may have
a couple of thoughts.
Yes, Steve, just to add 1 or 2 things. Like to turn the call back over to Eric. We grew full year in China kind of 8% or 9%. Q4 was a little slower, it's more like 6%. But I would say the tone there was like to turn the call
over to Eric.
It was pretty good. Clearly, test and measurement got better through the year, much better second half than first half. Like to turn the call over to Tom. As Tom alluded to, all the health most of the healthcare businesses, environmental was up double digit, dental was up double digit, like to turn the call back over to the operator. Okay.
Thank you. Thank you. Thank you. Thank you. Thank you.
Thank you.
Thank you. Thank you. Thank you. Thank you. Thank you.
Thank you. Thank you. Thank you. Thank you. Thank you.
Thank you. Thank you. Thank you. Our next question comes from the line of like to turn the call over to Eric to discuss our financial results. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Like to turn the call back over to the operator for questions.
I think in part because
2015 will be the is the 5th year of their current 5 year plan and they are fundamentally, like to turn the call back over
to the
like to turn positive here in 2015.
Great. Thanks for the color. Thanks, Steve.
Like to turn the call back over to Jeff Sprague with Vertical Research Partners. Your line is open.
Good morning, gents.
Hey, Jeff. Like to
Hey, just a couple of quick ones here too. Could you elaborate a little bit Tom on the comments on U. S. Muni? Do you think there's like Actually a turn going on there or was there just kind of some project activity in the quarter?
Like to Jeff, I think
in general, we see some macro strength in the muni market with like to turn the call over to Eric to discuss some of the situations in a variety of municipalities getting marginally better and that's allowed some projects like to get released. I wouldn't say that's the whole story though. The Hach business continues to execute exceptionally well. Many like to see their digital marketing initiatives and their expansion of feet on the street across both the muni market and the industrial market, like to thank everyone for joining us today. I think it's helped them to continue to gain share.
So I think a combination of a marginally improving macro environment love is part of the story and share gains being the other part.
Have you seen any change like to make
sure that
we can kind of sell those attitude here with kind of all the turmoil in general and kind of like
to
ask questions.
Jeff, it's hard to point to anything specific like to other than less competition from private equity, which is a positive. Right, right.
Like to And then could you just elaborate a little bit more on the acceleration you had in Europe? Was there something that stood like to ask, was it broad based across the businesses?
We saw it was relatively broad based, Jeff. Like to turn the call over to Steve. Thank you. Thank you. Thank you.
Thank you. Our
like to turn the equipment
side of the dental business, also executed very well and PID. Those would like to be at least 3 that I would highlight. If I added a 4th, it would probably be the Beckman Diagnostics business like to turn the call back over to Eric. So it was markedly broad, but I wouldn't necessarily think about that as something indicative of a change in the macro like and we're really driving their sales and marketing initiatives very effectively.
And that is in Europe for Europe, right? There's not any kind of export kick out of there on lower Europe.
That's correct. That's revenue into Western Europe. Okay.
Like Perfect. Thanks a lot guys.
And we'll take our next question from Brandon Couillard with Jefferies. Your line is open.
Thanks. Good morning. Like to turn
the call back over to the operator. Good morning, Brannen.
Just a quick one on the Nobel deal. Do the changes in the FX like to highlight the effect to how you view accretion there for the year? And any chance you could give us the actual point estimate on 4Q organic growth like to turn
the call back over to
Brandon, it won't have much of an impact. They do have some cost base over there as like to turn the call over to Eric. We also have some costs related to some of our other healthcare businesses. The offset is we all told we have like to turn the call over to Eric to discuss our financial results. Thank you.
Thank you. Thank you. Thank you. Thank you. Thank you.
Our next question comes from the line of Chris Worley with like to
take a look at what's happened
with the Swiss currency is going to be relatively neutral to us. That business continues to kind of grow like to take a look at that kind of 2% to 4% clip and that's been over the last couple of quarters and then they were in that zone for Q4 as well.
Like to Thanks.
And secondly, on the Dental business, I mean, a number of companies have pointed to strength in the U. S.
In the back half like to
hear I mean to what degree at all have you seen any vitality in the developed world, particularly in the U. S? And like to know is there any sign of optimism in terms of an acceleration perhaps this year?
Like to Brandon, I think we're probably most excited about what we see on the equipment side in dental. Like to turn the call over to Eric to discuss the new product innovations, I think you saw many of those when we were out in California like to turn the call back to the operator for questions. Thank you. Thank you. Thank you.
Thank you. Thank you. Thank you. Thank you. Thank you.
Thank you. Our next question comes from like to turn the call over to the operator. Thank you, like to thank you for joining us today. Thank you. Thank you.
Thank you. Thank you. Our next question comes from like to take a look at the U. S. Dental market.
On the consumables side, we see it really against a continuing relatively like to turn the call over to Eric. Thank you. Thank you. Thank you. Thank you.
Thank you.
Thank you.
Thank you. Thank you. Our next question comes from the line of like to thank you for taking my questions. Thank you. Thank you.
Thank you. Our next question comes from the line of like to hear, but generally that our business continues to perform pretty well in what arguably is kind of a slow growth macro environment like to share. Time will tell as to whether or not some of this reduction in oil prices that will translate to the cost of filling like to turn the call over to Tom. Our next question comes from the line of Matt Tanquil. Please go ahead.
Hi,
Super. Thank you.
And our next question comes from Julian Mitchell with Credit Suisse. Your line is now open.
Hi, thank you. I guess, first of all, I just wanted to see if there was any change in the expectations on core growth like to turn the call over to Eric to discuss our financial results. Thank you. Thank you. Thank you.
Thank you. Thank you. Thank you.
Thank you. Thank you. Thank you.
Thank you. Our next question comes from the line of Chris O'Brien with Raymond James. Please go ahead.
Thank you. Thank you. Like to You had the highest growth rate core since mid-twenty 11, similar growth rate to Q3, but a tougher base. Like to turn the call back over to Julian,
I would say that PID, clearly the biggest piece of industrial tech, continue like to perform quite well. I don't think they're really looking for a change in that growth trajectory here in 2015.
Like to
In the Q1, as we highlighted, we think we'll do 4% or better. Again, we're talking 3% to 4% for like to turn the call back over to the full year. Our internal numbers right now are rolling up around 4% for the Q1, but as Tom alluded to, we finished like to turn the call back over to Q4 pretty strong and we're off to a very good start here in the 1st 3 weeks of January. We also have some extra days here in the Q1. Like to turn the call back over to Eric.
That should be a benefit as well. I think the offsets there are 2 of those extra days of the Thursday Friday before Easter, like to turn the call over to the operator, which tends to be kind of slow days. Japan, which was a big grower last year, ahead of the like to turn the call back over to like to turn the call back over to Tom. This will be the last we think really poor quarter for that business similar to what we saw in the second half of twenty fifteen. We're encouraged by what like to say in terms of bookings, but from shipments we're going to have a tough Q1 as well.
But all up, things are looking pretty good out of the gate here early like to turn the call back over
to Eric. Thanks. And then just secondly, when you talked about the Q1 EPS like to take your questions. I think there was a comment around some M and A charges being excluded. I just wondered if I'd like to I misheard that or if there was anything new in terms of sort of presentation of adjusted earnings.
That is correct. I mean consistent with our past practice for like to turn the call over to the like to so we still have a little bit left in Nobel in the Q1 and I think that will be
about $0.02 Great. Thank you.
Like to Thanks, Julien.
And our next question comes from Scott Davis with Barclays. Your line is open.
Hi. Good morning, guys.
Like to Good morning, Scott.
And excuse me, I dialed in about 10 minutes late. If you commented on price, and I apologize, but like to turn the call over to Eric.
Is there I mean, I
know your raw material costs are generally lower and it's not a big deal for you guys, but are you out there with price increases for 2015 like
to turn the call back over to Scott, if you think about where your question might go specifically like to turn the call back over to the operator. Like to turn the call over to Eric. We think we're taking share in Europe. We saw broad based performance across the businesses in Europe. And like to turn the call back over to Steve.
So no particular concern there. I think teams are clearly looking like to turn the call back over to Eric. Thank you. Very selectively market by market, these currency shifts have not been exclusively in Europe. They've been in quite a number like to turn the call back to the like to turn the call back over to Matt.
But where there are issues, our teams are carefully looking at those situations and we'll take price very selectively like to congratulate you on price if it comes to that.
I mean, I guess, I like to beat a dead horse, but do you anticipate having a positive price for 2015 on an aggregate basis?
Yes, Scott. And again, where we will get that in all likelihood will be the 40% of revenues that comes to us in the aftermarket.
Yes. That's what I was alluding to, if you are already out there catalogs, etcetera, with price increases.
Yes. No, that's absolutely like to turn the call back over to Scott, that those games those plans were locked and loaded in the Q4 and we are on the street virtually across the businesses right now like to share with those plans and in the market with those numbers.
Okay. And then just as a follow-up, kind of the inverse of Jeff's like to ask a question on private equity and competition. I mean, have you seen the opposite, which means private equity, I think, for probably the last 5 years have been like to be mindful of the fact that we're not buying up industrial and even some health care assets. I mean, have you seen those guys come back to the table and say it's like to They're looking to start unloading.
Scott, they're always in the marketplace. Like to And clearly, there are assets out there held in the hands of private equity that we would have some interest in. I wouldn't say that's gotten better or worse here recently, those discussions.
Okay. And last but not least, I mean, I know you changed your the like to turn the call over to the operator for questions. Have you changed internally your hurdle rates at all? I mean historically, like to turn the call back over to Eric. You guys have had a pretty strict discipline around hurdle rates.
I'm just wondering given your lower financing costs and such if that's dropped at all?
Like Scott, we have not changed our internal hurdle rates. That discipline that we've had over a long period of time remains like to turn the call back to the operator for the Q and A session. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, Eric. Good morning, Eric. Good morning, Eric.
Good morning, Eric. Good morning, like to discuss new businesses over a 5 year period. That discipline has been really important to the overall performance that we've demonstrated. What like to ask you a question. What we have said is that we want to be thoughtful and cognizant of this environment relative to like to turn the call over to Eric to
discuss what might be larger transactions that could
have significant strategic value for the corporation where we might need to take a hard look at those returns like to turn the call back over to Mike and answer your questions. Thank you. Thank you. Thank you. Thank you.
Thank you. Thank you. Our next question comes from the line of
like to turn the call back over to the operator. Those returns may
be not where they where we might like them to be, but that's a bridge we'll cross like to turn the call back over to Eric to discuss our financial results. Thank you.
Thank you. Thank you. Thank you. Thank you. Thank you.
Thank you. Thank you. Thank you. Thank you.
Okay, great. I'll pass it on. Thanks, guys.
Thanks, Scott.
And our next question comes from Nigel Coe with Morgan Stanley. Your line is open.
Like to Thanks.
Good morning, guys.
Hey, Nigel.
Yes. So just a couple of questions on core growth. Pretty strong performance across the portfolio like to turn the call back over to the operator's question. Okay. You're sort of alluding to market share gains.
So it sounds like like to thank
you for taking my questions.
Thank you, particularly in Europe. And I'm just wondering is that the case, Tom? And which businesses would you call out where you're gaining share? And perhaps, Smith, you can maybe comment on whether we're seeing like to take a look at the delayed impact from some of the R and D and marketing investments you've made over the last 12 months.
Well, we're continuing to make those investments, like to turn the call over to Nigel in sales and marketing and in R and D, as I noted in my opening comments, the good performance on like to highlight the top line and the good gross margin expansion that we've seen has allowed us to continue to invest aggressively in growth initiatives like to turn the call back over to Steve. Thank you, Eric. Thank you, Eric. Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric.
Thank you, Eric. Thank you, Eric.
Thank you, Eric. Good morning, everyone. Like to ask, we're in some cases specifically in Europe, a couple of the businesses that I mentioned earlier were around our life science platform, like to thank our dental equipment business and product ID just to name a few.
Okay. That's great. That's helpful. Like to take your questions. And then we've seen consumables leading the way on top line, like to I guess this cycle with equipment lagging behind, are we seeing any change?
I mean just to think about the comments on U. S. And Europe, particularly in life sciences diagnostics. Like to turn the call over to Eric.
We definitely saw a modestly better Q3 and a definitely better Q4 in terms of equipment. Like to turn the call back over to Eric. So if you look at
our 4%, we were
5% aftermarket and 3% or maybe even a little bit over 3% on the equipment side. Like to turn the call back over to Eric.
And that's one of the better numbers we posted on
equipment and that includes our communications business, which was getting down mid teens. So if you adjust for that, our like to So we're not quite prepared to kind of call it a trend here, but we are encouraged by what we've seen like to The last 4 or 5 months in terms of our overall equipment.
And that 4% ex comms would be what the best in how many years?
Probably have to go back to the 11 recovery.
Okay. Midland. Okay, great. And then just going back to like to comment on the M and A process. A little bit of FX and emerging market volatilities, like to take the complacency of sellers.
Are you seeing any kind of change out to from sellers? Like to ask questions now.
Nigel, it's as you know, a lot of this has been just in the last 30, 45 days. Like to I think it's a little early to tell, but it's hard not to
be a little bit
more optimistic. Okay. Thanks, Tom.
Like to take our next question from Andrew Obin with Bank of America Merrill Lynch. Your line is open.
Like to Yes, good morning.
Hi, Andrew. Good morning, Andrew.
Just a broader long term question. If I look at the emerging markets, like to discuss what's happening in Russia and Brazil. People are talking about euro going to parity. Do you think you need to change anything about like to take your strategy about your manufacturing footprint for the next several years, even China is growing at 6%. I'm not sure when was the last time that happened.
Andrew, we've got a long history of moving manufacturing like to turn the call back over to the operator for questions. Not all of that has been into China. Like to turn the call back over to the operator for questions. In some cases, it's been into in India. Like to take a look at the balance sheet.
And we'll continue to position our cost structure, I think, in a way that is resilient over the long term. Like to turn the call back over to Tom. I think we want to be a little careful not to change up a supply chain prematurely or in a disruptive way, not knowing kind of what maybe the sustained like to make a very productive way not knowing kind of what maybe the sustained currency position is ultimately going to be. Like to turn the call back over to Eric. So I think the teams are doing an exceptional job positioning that footprint well for the long term.
And it's not all about like to turn the call over to Eric to discuss the cost of an individual region. It's also about the way we execute in any region. And I think we've got a number of examples like to make sure that we're in higher cost operating regions, in fact, continue to deliver like to take a look at the exceptional profitability and have driven real competitive advantage because of their cost structures, like to thank our shareholders for joining us today despite their regional positions. So I think we feel pretty good about where
we are. That's fair, fair. And just a follow-up question on free like to ask questions. What should we expect for FY 2015 versus $3,200,000,000 you did in like to turn the call over to Martin or if you want to talk about cash flow realization.
Andrew, it's early here. Like to We're very pleased with the way we ended the year in terms of free cash flow. So I think we would be in this sort of zone here. Again, we got a benefit like to
take a look at the
numbers that we're seeing in 'fourteen given our cash tax rate was fair amount lower than our actual provision for the year. That's probably like to kind of make a call on that where we stand right now.
But relatively flat is a good sort of hold for now in the model.
I think that's a good starting point.
Thank you so much.
Like to Thanks, Andrew.
And ladies and gentlemen, this does conclude the question and answer session of today's program. I'd now like to turn the program back like to go over to Matt Cugino for any closing remarks.
Thanks, Aaron. We're around all day for questions. Thanks for joining us everyone.