Fortive (NYSE: FTV) reported Q1 EPS of $0.74, $0.03 better than the analyst estimate of $0.71. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.78 billion.

James A. Lico, President and Chief Executive Officer, stated, “In the first quarter, strong core operating margin expansion enabled us to deliver adjusted earnings per share at the high-end of our guidance and solid free cash flow, all despite a more challenging macroeconomic backdrop. These results are a testament to the tireless efforts of our teams, as we adapted the Fortive Business System to assure employee safety and maintain business continuity despite \'work from home\' restrictions across the globe. I am extremely proud of the agility that I have seen throughout the organization, as our Operating Companies continued to drive innovation to help to support their customers and communities in the fight against the COVID-19 pandemic.”

Mr. Lico added, “Due to global economic and market conditions, we are re-evaluating the timing and structure of the Vontier separation, and have decided to withdraw Vontier’s S-1. We strongly believe that separating Fortive and Vontier is the right strategic decision and will enable both companies to take full advantage of their respective growth opportunities and capital allocation priorities. The Vontier senior leadership team will continue to run the businesses within Fortive and we remain prepared to move forward with the separation when market conditions improve.”

GUIDANCE:

Given the high level of uncertainty in the current environment, Fortive is withdrawing its previously issued guidance for 2020, and will not be providing guidance for its second quarter. Mr. Lico stated, “The COVID-19 pandemic and shifting macroeconomic outlook have limited our forward visibility, but we have taken immediate and decisive actions to reduce our cost base in response. Despite the near-term uncertainty, we will drive the rigor and discipline of FBS as our competitive and cultural advantage, and continue to make investments to enhance future growth and support long-term value creation.”

For earnings history and earnings-related data on Fortive (FTV) click here.