Fortive Reports Second Quarter 2018 Results
EVERETT, WA, July 26, 2018 - Fortive Corporation (“Fortive”) (NYSE: FTV) today announced results for the second quarter 2018.
For the second quarter ended June 29, 2018, net earnings were $295.0 million. For the same period, adjusted net earnings were $321.7 million. Diluted net earnings per share for the second quarter ended June 29, 2018 were $0.83. For the same period, adjusted diluted net earnings per share were $0.91.
For the second quarter of 2018, revenues increased 13.9% year-over-year to $1.9 billion, with core revenue growth of 5.3%.
James A. Lico, President and Chief Executive Officer, stated, “Today we reported another quarter of double-digit adjusted earnings and sales growth and strong free cash flow performance. As we look to the second half of the year, we expect our core growth rate to accelerate versus the first half driven by improving order trends and as acquisitions of Orpak, ISC, and Landauer become part of our core revenue.”
For the third quarter of 2018, Fortive anticipates diluted net earnings per share to be in the range of $0.73 to $0.77 and adjusted diluted net earnings per share to be in the range of $0.83 to $0.87. For the full year 2018, Fortive expects diluted net earnings per share to be in the range of $3.02 to $3.10, which includes anticipated transaction costs related to the Automation & Specialty businesses divestiture and the Advanced Sterilization Products acquisition of $0.05 per share and $0.11 per share for the third quarter and fourth quarter of 2018, respectively. For the full year 2018, Fortive expects adjusted diluted net earnings per share to be in the range of $3.42 to $3.50. The updated guidance reflects a full-year $0.08 dilutive impact from the mandatory convertible preferred stock offering which Fortive expects to offset with operational improvements.
Mr. Lico added, “Since last quarter, we announced two acquisitions totaling $3.5 billion and significantly advanced our portfolio enhancement work to accelerate growth and reduce cyclicality. With our strong free cash flow generation and balance sheet, we are well-positioned to continue deploying capital towards M&A. The power of the Fortive Business System coupled with our portfolio transformation positions us well for the remainder of 2018 and beyond.”
Fortive will discuss results and outlook 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 the 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 844-443-2871 within the U.S. or by dialing 213-660-0916 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 4480728). A replay of the conference call will be
The following information was filed by Fortive Corp (FTV) on Thursday, July 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.