Fortive Corp. (NYSE: FTV), Everett, Washington, reported sales for the first quarter ended March 27 of $1.7 billion, a 7.6% increase over the same period a year ago. Profit was $41.9 million, down from $164 million in the first quarter of 2019.
James A. Lico, president and CEO, 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.”