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27.10.2016 22:20
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Fortive Reports Third Quarter 2016 Results
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PR Newswire
EVERETT, Wash., Oct. 27, 2016
EVERETT, Wash., Oct. 27, 2016 /PRNewswire/ -- Fortive Corporation ("Fortive") (NYSE: FTV) today announced results for the third quarter 2016. Prior to July 2, 2016, Fortive operated as part of Danaher Corporation ("Danaher") and the historical financial measures presented in this announcement for periods prior to July 2, 2016 were derived from Danaher's accounting records and are presented on a carved-out basis.
For the third quarter ended September 30, 2016, net earnings were $226.9 million, which represents a 15.4% increase over the comparable 2015 amount. For the same period, non-GAAP adjusted net earnings were $233.1 million, which represents a 22.2% increase over the comparable 2015 amount. Diluted net earnings per share for the third quarter ended September 30, 2016 were $0.65. For the same period, non-GAAP adjusted diluted net earnings per share were $0.67.
For the third quarter of 2016, GAAP revenues increased 2.8% year-over-year to $1.6 billion, with core revenue growth of 2.7%.
James A. Lico, President and Chief Executive Officer, stated, "The strength of our portfolio was clearly demonstrated with earnings results above the high end of our guidance range. Our team executed well using the Fortive Business System to drive core revenue growth, outstanding operating margin expansion and strong free cash flow performance. Furthermore, we deployed approximately $200 million towards acquisitions in the quarter as important first steps to accelerate growth and earnings performance through M&A."
Lico added, "As we plan for 2017 amidst an uncertain macroeconomic outlook, we expect to use our earnings outperformance to invest in the fourth quarter for long-term growth areas across the company. We believe our continued focus on innovation, market and geographic diversification, and cost effectiveness will position us for a strong finish to 2016 and drive long-term growth and shareholder returns."
For the fourth quarter of 2016, the Company anticipates diluted net earnings per share to be in the range of $0.59 to $0.63 and the non-GAAP adjusted diluted net earnings per share to be in the range of $0.63 to $0.67. The fourth quarter guidance includes expectations of low-single digit core revenue growth. The Company expects its 2016 second half diluted net earnings per share to be in the range of $1.24 to $1.28 and non-GAAP adjusted diluted net earnings per share to be in the range of $1.30 to $1.34.
Fortive will discuss its results during its quarterly investor conference call today starting at 5:30 p.m. ET. The call and an accompanying slide presentation will be webcast on the "Investors" section of Fortive's website, www.fortive.com, under "Events & Presentations." A replay of the webcast will be available at the same location shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.
The conference call can be accessed by dialing 800-533-7619 within the U.S. or by dialing 785-830-1923 outside the U.S. a few minutes before 5:30 p.m. ET and notifying the operator that you are dialing in for Fortive's earnings conference call (access code 3303693). A replay of the conference call will be available shortly after the conclusion of the call until Thursday, November 3, 2016. Once available, click here to access the conference call replay or visit the "Investors" section of Fortive's website under "Events & Presentations."
ABOUT FORTIVE
Fortive is a diversified industrial growth company comprised of Professional Instrumentation and Industrial Technologies businesses that are recognized leaders in attractive markets. With 2015 revenues of $6.2 billion, Fortive's well-known brands hold leading positions in field instrumentation, transportation, sensing, product realization, automation and specialty, and franchise distribution. Fortive is headquartered in Everett, Washington and employs a team of more than 24,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 40 countries around the world. With a culture rooted in continuous improvement, the core of our company's operating model is the Fortive Business System. For more information please visit: www.fortive.com.
NON-GAAP FINANCIAL MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also references "adjusted net earnings", "adjusted diluted net earnings per share", "core revenue", and "free cash flow", which are non-GAAP financial measures. The reasons why we believe these measures, when used in conjunction with the GAAP financial measures, provide useful information to investors, how management uses such non-GAAP financial measures, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these measures are included in the supplemental reconciliation schedule attached. The non-GAAP financial measures should not be considered in isolation or as a substitute for the GAAP financial measures, but should instead be read in conjunction with the GAAP financial measures. The non-GAAP financial measures used by Fortive in this release may be different from similarly-titled non-GAAP measures used by other companies.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical, including the statements regarding Fortive's anticipated diluted net earnings per share, adjusted diluted net earnings per share, core revenue growth, capital allocation, acquisitions, economic conditions, Fortive future prospects, and any other statements identified by their use of words like "anticipate", "expect", "believe", "outlook", "guidance", or "will" or other words of similar meaning are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, deterioration of or instability in the economy, the markets we serve and the financial markets, contractions or lower growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, contingent liabilities relating to acquisitions and divestitures, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, the impact of our debt obligations on our operations and liquidity, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, labor matters, international economic, political, legal, compliance and business factors, adverse effects of restructuring activities, disruptions relating to man-made and natural disasters, security breaches or other disruptions of our information technology systems, impact of our separation from Danaher on our operations, impact of our indemnification obligation to Danaher, any work stoppage, and pension plan costs. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including the Information Statement furnished with the Current Report on Form 8-K filed by us on June 15, 2016. These forward-looking statements speak only as of the date of this release, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
| FORTIVE CORPORATION AND SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF EARNINGS | |||||||||||||||
| ($ and shares in millions, except per share amounts) | |||||||||||||||
| (unaudited) | |||||||||||||||
| | | | | ||||||||||||
| | Three Months Ended | | Nine Months Ended | ||||||||||||
| | September 30, | | October 2, | | September 30, | | October 2, | ||||||||
| Sales | $ | 1,567.4 | | | $ | 1,524.6 | | | $ | 4,597.2 | | | $ | 4,603.0 | |
| Cost of sales | (794.5) | | | (777.4) | | | (2,361.0) | | | (2,360.3) | | ||||
| Gross profit | 772.9 | | | 747.2 | | | 2,236.2 | | | 2,242.7 | | ||||
| Operating costs: | | | | | | | | ||||||||
| Selling, general and administrative expenses | (354.5) | | | (349.7) | | | (1,042.3) | | | (1,024.4) | | ||||
| Research and development expenses | (95.2) | | | (95.7) | | | (285.6) | | | (286.7) | | ||||
| Operating profit | 323.2 | | | 301.8 | | | 908.3 | | | 931.6 | | ||||
| Nonoperating expense | | | | | | | | ||||||||
| Interest expense | (23.4) | | | — | | | (26.1) | | | — | | ||||
| Earnings before income taxes | 299.8 | | | 301.8 | | | 882.2 | | | 931.6 | | ||||
| Income taxes | (72.9) | | | (105.2) | | | (234.4) | | | (303.9) | | ||||
| Net earnings | $ | 226.9 | | | $ | 196.6 | | | $ | 647.8 | | | $ | 627.7 | |
| Net earnings per share: | | | | | | | | ||||||||
| Basic | $ | 0.66 | | | $ | 0.57 | | | $ | 1.87 | | | $ | 1.82 | |
| Diluted | $ Werbung Mehr Nachrichten zur Fortive Corporation Aktie kostenlos abonnieren
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