Fortive Corporation (“Fortive”) (NYSE: FTV) announced today that
its Board of Directors approved a replenishment of 11 million
shares of Fortive common stock to the Company’s previously
announced share repurchase authorization, bringing the total amount
for future repurchases to 20 million shares, including 9 million
shares available under the prior authorization by the Board of
Directors announced on February 17, 2022.
James Lico, President and Chief Executive Officer, stated,
“Fortive is focused on maintaining a thoughtful approach to capital
allocation, prioritizing the pursuit of disciplined M&A, in
order to drive value for our shareholders. We are pleased to
replenish our repurchase authorization, which along with an
increased quarterly dividend and accelerated M&A returns,
reflects the execution of our strategy, robust cash generation and
ability to deliver profitable growth. The Board of Directors
remains confident that Fortive is well positioned to enhance total
shareholder returns as we look to roughly double our earnings and
cash flow by 2028.”
Under the share repurchase authorization, Fortive may purchase
its common stock on a discretionary basis from time to time on the
open market or in privately negotiated transactions, including
through the use of trading plans that satisfy the conditions of
Rule 10b5-1 under the Securities Exchange Act of 1934, as amended,
in accordance with the requirements of the Securities and Exchange
Commission.
The timing and amount of common stock repurchases made under the
authorization will be determined by Fortive’s management based on
its evaluation of market conditions and other factors. Repurchases
may be made from time to time through open market purchases and/or
privately negotiated transactions. The repurchase authorization has
no expiration date and does not obligate Fortive to acquire any
particular amount of shares and may be suspended or discontinued at
any time.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical,
including statements regarding Fortive’s plans with respect to
share repurchases, ability to deliver shareholder value or return,
and future financial performance and any other statements
identified by their use of words like “anticipate,” “expect,”
“believe,” “outlook,” “guidance,” or “will” or other words of
similar meaning are “forward-looking statements” within the meaning
of the federal securities laws. Actual results may differ
materially from those indicated by these forward-looking statements
as a result of various important factors including, but not limited
to, the possibility that the share repurchase program may be
suspended or discontinued, deterioration of or instability in the
economy, the markets we serve, international trade policies, the
condition of the financial markets and the banking systems, the
spread of, and the future resurgence of COVID-19, our ability to
adjust purchases, supply chain management, and manufacturing
capacity to reflect market conditions and customer demand, reliance
on sole sources of supply, changes in relations with China,
contractions or lower growth rates and cyclicality of markets we
serve, competition, changes in industry standards and governmental
regulations, our ability to recruit and retain key employees, our
ability to successfully identify, consummate, integrate and realize
the anticipated value of appropriate acquisitions and successfully
complete divestitures and other dispositions, our ability to
develop and successfully market new products, software, and
services and expand into new markets, the potential for improper
conduct by our employees, agents or business partners, contingent
liabilities relating to acquisitions and divestitures, impact of
changes to tax laws, our compliance with applicable laws and
regulations and changes in applicable laws and regulations, risks
relating to international economic, geopolitical, including war and
sanctions, legal, compliance and business factors, risks relating
to potential impairment of goodwill and other intangible assets,
currency exchange rates, tax audits and changes in our tax rate and
income tax liabilities, the impact of our debt obligations,
including our cost of debt, on our operations, litigation and other
contingent liabilities including intellectual property and
environmental, health and safety matters, our ability to adequately
protect our intellectual property rights, risks relating to
product, service or software defects, product liability and
recalls, risks relating to product manufacturing, our relationships
with and the performance of our channel partners, commodity costs
and surcharges, security breaches or other disruptions of our
information technology systems, adverse effects of restructuring
activities, risk related to tax treatment of the separation of
Vontier, impact of our indemnification obligation to Vontier,
impact of changes to U.S. GAAP, labor matters, and disruptions
relating to man-made and natural disasters and climate change.
Additional information regarding the factors that may cause actual
results to differ materially from these forward-looking statements
is available in our SEC filings, including our Annual Report on
Form 10-K for the year ended December 31, 2022. These
forward-looking statements speak only as of the date of this
release, and Fortive does not assume any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events and developments or otherwise.
ABOUT FORTIVE
Fortive is a provider of essential technologies for connected
workflow solutions across a range of attractive end-markets.
Fortive’s strategic segments—Intelligent Operating Solutions,
Precision Technologies, and Advanced Healthcare Solutions—include
well-known brands with leading positions in their markets. The
company’s businesses design, develop, service, manufacture, and
market professional and engineered products, software, and
services, building upon leading brand names, innovative
technologies, and significant market positions. Fortive is
headquartered in Everett, Washington and employs a team of more
than 18,000 research and development, manufacturing, sales,
distribution, service and administrative employees in more than 50
countries around the world. With a culture rooted in continuous
improvement, the core of our company’s operating model is the
Fortive Business System. For more information please visit:
www.fortive.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240123683784/en/
Elena Rosman Vice President - Investor Relations Fortive
Corporation 6920 Seaway Boulevard Everett, WA 98203 Telephone:
(425) 446-5000
Fortive (NYSE:FTV)
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