Free Post Earnings Research Report: Fortive's Quarterly Sales Jumped 11.04%; Earnings Increased 20.59%
Stock Monitor: Novanta Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 6, 2018 / Active-Investors.com has just released a free earnings report on Fortive Corp. (NYSE: FTV). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FTV. The Company reported its operating results on February 08, 2018, for the fourth quarter and for the full year ended December 31, 2017. The Company delivered double-digit sales and earnings growth and record gross margin and free cash generation in the fourth quarter of 2017. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Fortive most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
Fortive's total revenues reached $1.81 billion in Q4 FY17, up 11.04% from $1.63 billion in Q4 FY16. Of this, core revenue growth was 3% and acquisition-related growth was 5.9%, while the remaining 2.1% was the impact of currency translation. The Company's revenue numbers were higher than analysts' estimates of $1.76 billion.
Fortive's total cost of sales increased 7.97% to $896.7 million in Q4 FY17 from $830.5 million in Q4 FY16. The Company's gross profit was $910 million for the reported quarter, a y-o-y growth of 14.24%. Fortive's operating profit advanced 5.36% to $355.8 million in Q4 FY17 from $337.7 million in Q4 FY16. Fortive's operating margin dipped 1.1% to 19.7% in the quarter under review from 20.8% in the previous year's same quarter.
Fortive's net earnings were $336.9 million in Q4 FY17, 50.07% higher than $224.5 million in Q4 FY16. The Company's diluted net earnings per share (EPS) also rose 48.44% to $0.95 in the reported quarter from $0.64 in the year ago comparable quarter. The earnings figures included pre-tax amortization of acquisition-related intangible assets, and acquisition-related transaction and restructuring costs. It also included a gain from sale of real property, and estimated benefits from the federal Tax Cuts and Jobs Act 2017 (TCJA).
Fortive's adjusted diluted EPS, excluding non-recurring and non-core items, came in at $0.82 in Q4 FY17, up 20.59% from $0.68 in Q4 FY16. The Company's earnings numbers surpassed analysts' estimates of $0.78 per share.
For the year ended December 31, 2017, Fortive's total revenues were $6.66 billion, up 6.94% from $6.22 billion in FY16. The Company's operating profit jumped 8.74% to $1.35 billion in FY17 from $1.25 billion in FY16. Fortive's net earnings advanced 19.74% to $1.04 billion in the year under review from $872.3 million in the previous year. The Company's diluted EPS also rose to $2.96 in FY17 from $2.51 in FY16, reflecting an increase of 17.93%. For FY17, the Company's adjusted diluted EPS, excluding non-recurring and non-core items, were $2.89, an increase of 14.68% from $2.52 in FY16.
Segment Details
During Q4 2017, Fortive's Professional Instrumentation segment's net revenues jumped 17.51% to $877.2 million on a y-o-y basis. Acquisitions contributed 9.6% to this growth, while favorable foreign exchange contributed 2.3%. The segment generated an operating profit of $188.2 million in Q4 FY17, 9.16% higher than $172.4 million in Q4 FY16. However, the segment's operating margin fell 1.6% to 21.5% in the quarter under review from 23.1% in the year ago comparable quarter.
For Q4 FY17, Fortive's Industrial Technologies segment's net revenues advanced 5.55% to $929.5 million on a y-o-y basis. In the reported quarter, the segment's operating income increased 3.12% to $188.4 million y-o-y. The segment's operating margin was 20.3% in Q4 FY17 compared to 20.7% in Q4 FY16.
Cash Matters
Fortive had cash and cash equivalents of $962.1 million as on December 31, 2017, an increase of 19.78% from $803.2 million as on December 31, 2016. The Company's long-term debt was $4.06 billion as on December 31, 2017, compared to $3.36 billion as on December 31, 2016.
For FY17, Fortive's net cash flow from operating activities was $1.18 billion compared to $1.14 billion in FY16. The Company had a free cash flow of $1.01 billion in FY17 compared to $1.04 billion in FY16.
In FY17, Fortive spent $1.56 billion in acquisitions and $136.1 million on additions to property, plant, and equipment. The Company paid dividends of $97.2 million during FY17 compared to $48.4 million in FY16, reflecting an increase of 100.83%.
Outlook
For the first quarter of 2018, Fortive expects diluted EPS to be in the range of $0.66 - $0.70, and adjusted diluted EPS to be in the band of $0.72 to $0.76. For the full fiscal year 2018, the Company projects diluted EPS to be between $3.13 and $3.23, and adjusted diluted EPS to be between $3.35 and $3.45.
Stock Performance Snapshot
March 05, 2018 - At Monday's closing bell, Fortive's stock marginally climbed 0.36%, ending the trading session at $74.26.
Volume traded for the day: 1.15 million shares.
Stock performance in the previous six-month period – up 14.30%; past twelve-month period – up 26.44%; and year-to-date – up 2.64%
After yesterday's close, Fortive's market cap was at $26.06 billion.
Price to Earnings (P/E) ratio was at 26.88.
The stock has a dividend yield of 0.38%.
The stock is part of the Technology sector, categorized under the Scientific & Technical Instruments industry. This sector was up 1.0% at the end of the session.
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