WASHINGTON, June 21, 2016 /PRNewswire/ -- Fortive
Corporation ("Fortive") (NYSE: FTV.WI) announced today that it will
begin making presentations to the equity investment community in
preparation for its planned July 2,
2016 spin-off from Danaher Corporation (NYSE: DHR)
("Danaher"), including a webcast presentation today at
approximately 12:30 p.m. ET. The
meetings will be led by President and Chief Executive Officer,
James A. Lico, and Senior Vice
President and Chief Financial Officer, Charles E. McLaughlin.
Fortive will provide financial guidance during the equity
investor meetings. Assuming completion of its separation from
Danaher on July 2, 2016, Fortive
expects for the second half of 2016, relative to the comparable
measures for the corresponding period in 2015:
- Core revenue growth of low single digits
- Core operating margin expansion of approximately 30 to 50 basis
points
- Adjusted net earnings growth of mid-single digits or
better
In addition, for the second half of 2016, Fortive expects free
cash flow generation in excess of net income.
ACCESSING WEBCAST PRESENTATION AND PRESENTATION
MATERIALS
A webcast presentation will be held today beginning at
approximately 12:30 p.m. ET and concluding at
approximately 1:30 p.m. ET. During the presentation,
Fortive will discuss the information, including historical
financial information, set forth in the slide presentation
accompanying the webcast. A link to the webcast and the
accompanying slide presentation will be available and archived on
the "Investor Relations" section of www.fortive.com under
"Events & Presentations." The audio can be accessed by
dialing 844-553-8100 within the U.S. or by dialing 706-645-4680
outside the U.S. The conference ID is 33842048.
ABOUT FORTIVE
Fortive will be 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 will be headquartered in Everett,
Washington and employ 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 will be the Fortive Business System.
For more information please visit: www.fortive.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical,
including statements regarding Fortive's expected revenue growth,
expected operating margin expansion, expected earnings growth,
expected cash flow, Danaher's anticipated spin-off of Fortive and
the timing thereof, and any other statements regarding events or
developments that we believe or anticipate will or may occur in the
future 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 and technologies 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, 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 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 neither Danaher nor Fortive assumes any
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events and
developments or otherwise.
NON-GAAP FINANCIAL MEASURES
This release contains references to "core revenue growth," "core
operating margin expansion," "free cash flow," and "adjusted net
earnings," which are, in each case, not presented in accordance
with generally accepted accounting principles ("GAAP").
- Core revenue refers to sales from operations and operating
margin, respectively, calculated according to GAAP but excluding
(1) sales from acquired businesses and (2) the impact of currency
translation. References to sales attributable to acquisitions
or acquired businesses refer to GAAP sales or operating margin, as
applicable, from acquired businesses recorded prior to the first
anniversary of the acquisition.
- Core operating margin expansion refers to operating margin
calculated according to GAAP but excluding operating margin from
acquired businesses. References to core operating margin from
acquisitions or acquired businesses refer to GAAP operating margin
from acquired businesses recorded prior to the first anniversary of
the acquisition.
- Free cash flow refers to cash flow from operations calculated
according to GAAP but excluding capital expenditures.
- Adjusted net earnings refers to net earnings calculated in
accordance with GAAP, but excluding amortization of
acquisition-related intangible assets and applying the Company's
overall estimated effective tax rate to the pretax amount of the
adjustment, unless the nature of the adjustment and/or the tax
jurisdiction in which the adjustment has been recorded requires
application of a specific tax rate or tax treatment, in which case
the tax effect of such adjustment is estimated by applying such
specific tax rate or tax treatment.
The Company has not reconciled the forward-looking statements
regarding core revenue growth, core operating margin expansion, and
the growth rate of adjusted net earnings because both the
corresponding GAAP measures and the reconciliation thereto would
require the Company to make estimates or assumptions about unknown
currency impact, unidentified acquisitions and similar adjustments
during the relevant period.
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SOURCE Fortive Corporation