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Press Release: Fortive Reports Fourth Quarter -5-

· 02/04/2021 16:15
from Continuing Operations (GAAP) (a) $ 57.5 $ 199.1 Dividends on the mandatory convertible preferred stock to apply if-converted method (a) 17.2 69.0 --------- --------- Net Earnings from Continuing Operations (GAAP) $1,251.6 $ 74.7 $1,452.2 $ 268.1 Pretax amortization of acquisition-related intangible assets in the three months ($77 million pretax, $66 million after tax) and year ended ($310 million pretax, $263 million after tax) December 31, 2020, and in the three months ($74 million pretax, $62 million after tax) and year ended ($261 million pretax, $220 million after tax) December 31, 2019 77.2 73.7 309.9 261.0 Pretax acquisition and other transaction costs in the three months ($14 million pretax, $12 million after tax) and year ended ($72 million pretax, $61 million after tax) December 31, 2020, and in the three months ($26 million pretax, $22 million after tax) and year ended ($111 million pretax, $93 million after tax) December 31, 2019 14.3 26.1 71.6 110.5 Pretax acquisition-related fair value adjustments to deferred revenue and inventory related to significant acquisitions in the three months ($5 million pretax, $4 million after tax) and year ended ($27 million pretax, $23 million after tax) December 31, 2020, and in the three months ($11 million pretax, $9 million after tax) and year ended ($121 million pretax, $102 million after tax) December 31, 2019 4.5 10.8 27.3 121.0 Pretax losses from equity method investments in the three months ($1 million pretax, $1 million after tax) and year ended ($4 million pretax, $4 million after tax) December 31, 2020, and in the three months ($3 million pretax, $3 million after tax) and year ended ($4 million pretax, $3 million after tax) December 31, 2019 0.9 3.4 4.3 3.9 Unrealized gain on our retained investment in Vontier common stock in the three months and year ended December 31, 2020 (1,119.2) -- (1,119.2) -- Pretax (gain) loss on the disposition of the Tektronix Video Business in the three months ($0 million pretax, $0 million after tax) and year ended ($41 million pretax, $34 million after tax) December 31, 2019 -- 0.4 -- (40.8) Pretax non-cash interest expense associated with our 0.875% convertible notes in the three months ($9 million pretax, $7 million after tax) and year ended ($34 million pretax, $29 million after tax) December 31, 2020, and in the three months ($8 million pretax, $7 million after tax) and year ended ($28 million pretax, $24 million after tax) December 31, 2019 8.6 8.4 34.1 28.1 Pretax discrete restructuring charges in the three months ($28 million pretax, $23 million after tax) and year ended ($28 million pretax, $23 million after tax) December 31, 2020, and in the three months ($32 million pretax, $27 million after tax) and year ended ($32 million pretax, $27 million after tax) December 31, 2019 27.6 32.4 27.6 32.4 Pretax gain on the disposition of assets in the year ($5 million pretax, $5 million after tax) ended December 31, 2020 -- -- (5.3) -- Tax effect of the adjustments reflected above (b) (20.1) (25.5) (70.8) (82.2) Non-cash discrete tax expense adjustment resulting from the Separation of Vontier 7.5 7.5 20.2 27.0 -------- --------- -------- --------- Adjusted Net Earnings from Continuing Operations (Non-GAAP) $ 252.9 $ 211.9 $ 751.9 $ 729.0 ======= ===== ======= ===== (a) The MCPS were dilutive for the three months and year ended December 31, 2020 and the "if-converted" method was applied in calculating earnings per share. As such, no additional shares were assumed to be converted and net earnings per share for both respective periods was calculated using net earnings from continuing operations. The MCPS were anti-dilutive for the three months and year ended December 31, 2019, and as such GAAP net earnings per share was calculated using net earnings from continuing operations attributable to common stockholders. (b) The dividend on the MCPS is not tax deductible and therefore the tax effect of the adjustments includes only the amortization of acquisition-related intangible assets, acquisition and other transaction costs, acquisition-related fair value adjustments to deferred revenue and inventory, losses from equity method investments, the gain on the disposition of the Tektronix Video Business, the gain from the disposition of assets, discrete restructuring charges, and the non-cash interest expense associated with the 0.875% convertible notes. The unrealized gain on the fair value change in Vontier common stock had no tax effect. Adjusted Diluted Net Earnings Per Share from Continuing Operations Three Months Ended(a) Year Ended(a) ---------------------- ------------------------ December December December December 31, 31, 2020 31, 2019 31, 2020 2019 ---------- ---------- ---------- ------------ Diluted Net Earnings Per Share from Continuing Operations (GAAP) (b) $ 3.47 $ 0.17 $ 4.05 $ 0.59 Dividends on the mandatory convertible preferred stock to apply if-converted method (b) -- 0.05 -- 0.20 Assumed dilutive impact on the Diluted Net Earnings Per Share Attributable to Common Stockholders if the MCPS Converted Shares had been outstanding (b) -- (0.01) -- (0.04) Pretax amortization of acquisition-related intangible assets in the three months ($77 million pretax, $66 million after tax) and year ended ($310 million pretax, $263 million after tax) December 31, 2020, and in the three months ($74 million pretax, $62 million after tax) and year ended ($261 million pretax, $220 million after tax) December 31, 2019 0.21 0.21 0.86 0.73 Pretax acquisition and other transaction costs in the three months ($14 million pretax, $12 million after tax) and year ended ($72 million pretax, $61 million after tax) December 31, 2020, and in the three months ($26 million pretax, $22 million after tax) and year ended ($111 million pretax, $93 million after tax) December 31, 2019 0.04 0.07 0.20 0.31 Pretax acquisition-related fair value adjustments to deferred revenue and inventory related to significant acquisitions in the three months ($5 million pretax, $4 million after tax) and year ended ($27 million pretax, $23 million after tax) December 31, 2020, and in the three months ($11 million pretax, $9 million after tax) and year ended ($121 million pretax, $102 million after tax) December 31, 2019 0.01 0.03 0.08 0.34 Pretax losses from equity method investments in the three months ($1 million pretax, $1 million after tax) and year ended ($4 million pretax, $4 million after tax) December 31, 2020, and in the three months ($3 million pretax, $3 million after tax) and year ended ($4 million pretax, $3 million after tax) December 31, 2019 -- 0.01 0.01 0.01 Unrealized gain on our retained investment in Vontier common stock in the three months and year ended December 31, 2020 (3.10) -- (3.12) -- Pretax (gain) loss on the disposition of the Tektronix Video Business in the three months ($0 million pretax, $0 million after tax) and year ended ($41 million pretax, $34 million after tax) December 31, 2019 -- -- -- (0.11) Pretax non-cash interest expense associated with our 0.875% convertible notes in the three months ($9 million pretax, $7 million after tax) and year ended ($34 million pretax, $29 million after tax) December 31, 2020, and in the three months ($8 million pretax, $7 million after tax) and year ended ($28 million pretax, $24 million after tax) December 31, 2019 0.02 0.02 0.09 0.08 Pretax discrete restructuring charges in the three months ($28 million pretax, $23 million after tax) and year ended ($28 million pretax, $23 million after tax) December 31, 2020, and in the three months ($32 million pretax, $27 million after tax) and year ended ($32 million pretax, $27 million after tax) December 31, 2019 0.08 0.09 0.08 0.09 Pretax gain on the disposition of assets in the year ($5 million pretax, $5 million after tax) ended December 31, 2020 -- -- (0.01) -- Tax effect of the adjustments reflected above (c) (0.06) (0.07) (0.20) (0.23) Non-cash discrete tax expense adjustment resulting from the Separation of Vontier 0.02 0.02 0.06 0.08 --------- --------- --------- --------- Adjusted Diluted Net Earnings Per Share from Continuing Operations (Non-GAAP) $ 0.70 $ 0.59 $ 2.09 $ 2.03

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February 04, 2021 16:15 ET (21:15 GMT)