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:
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Core revenue growth of low single digits
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Core operating margin expansion of approximately 30 to 50 basis points
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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").
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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.
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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.
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Free cash flow refers to cash flow from operations calculated
according to GAAP but excluding capital expenditures.
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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.
Fortive Corporation
Lisa Curran, Vice President, Investor Relations
Fortive Corporation
6920 Seaway Boulevard
Everett, WA 98203
Telephone: (425) 446-5000
or
Danaher Corporation
Matthew E. Gugino, Vice President, Investor Relations
Danaher Corporation
2200 Pennsylvania Avenue, N.W., Suite 800W
Washington, D.C. 20037
Telephone: (202) 828-0850