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Fortive profit misses consensus by 15.3% in Q1

Fortive Corp. said its normalized net income for the first quarter amounted to 48 cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS rose year over year from 48 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $170.2 million, a gain from $164.4 million in the first quarter ended April 1, 2016.

The normalized profit margin dropped to 11.1% from 11.1% in the year-earlier period.

Total revenue increased on an annual basis to $1.54 billion from $1.47 billion, and total operating expenses increased year over year to $1.24 billion from $1.21 billion.

Reported net income rose 9.5% on an annual basis to $200.4 million, or 57 cents per share, from $183.0 million, or 53 cents per share.