Fortive Corporation (“Fortive”) (NYSE: FTV) announced results for the fourth quarter 2020.
For the fourth quarter ended December 31, 2020, net earnings from continuing operations were $1.25 billion. For the same period, adjusted net earnings from continuing operations were $252.9 million.
Diluted net earnings per share from continuing operations for the fourth quarter ended December 31, 2020 were $3.47. For the same period, adjusted diluted net earnings per share from continuing operations were $0.70.
Management believes that such non-GAAP measure provides useful information to investors in assessing our ability to generate cash without external financing, fund acquisitions and other investments and, in the absence of refinancing, repay our debt obligations. However, it should be noted that free cash flow as a liquidity measure has material limitations because it excludes certain expenditures that are required or that we have committed to, such as debt service requirements and other non-discretionary expenditures. Such non-GAAP measure should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.