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Fortive posts higher net income on stronger sales

Fortive Corp. said its net income for the second quarter came in at $294.8 million, or 83 cents per share, up from $240.1 million, or 68 cents per share, in the same period last year.

The S&P Capital IQ consensus EPS estimate was 84 cents on a GAAP basis.

The company said its sales for the quarter that ended June 30 stood at $1.86 billion, rising from $1.63 billion in the same quarter last year.

Cost of sales was $917.1 million in the second quarter, up from $823.7 million.

Operating profit grew to $382.4 million from $349.1 million.

"As we look to the second half of the year, we expect our core growth rate to accelerate versus the first half driven by improving order trends and as acquisitions of Orpak, ISC, and Landauer become part of our core revenue," said James Lico, the company's president and CEO.

Net income for the six-month period ending June 29 came in at $556 million, or $1.57 per share, compared to net income of $439.8 million, or $1.25 per share, in the prior-year period.