ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 12, 2021, Vontier Corporation ("Vontier") filed with the Securities
and Exchange Commission a preliminary prospectus supplement (the "Preliminary
Prospectus Supplement") in connection with a proposed underwritten offering of
33,507,410 shares of its common stock currently owned by Fortive Corporation,
Vontier's former parent company (the "Offering"). The Preliminary Prospectus
Supplement contains preliminary unaudited estimates of certain financial and
operational metrics for the three months and fiscal year ended December 31,
2020. For the three months ended December 31, 2020, based on preliminary
results, we estimate that our total sales were between $810 million and
$820 million as compared to $743 million for the three months ended December 31,
2019, or an approximately 9% increase (based on the midpoint of the range)
compared to the three months ended December 31, 2019, primarily driven by high
single digit growth from existing businesses. For the year ended December 31,
2020, we estimate that there was a low single digit decline in sales from
existing businesses compared to the year ended December 31, 2019. We estimate
our Operating Profit for the three months ended December 31, 2020 to be between
$175 million and $181 million as compared to $163 million for the three months
ended December 31, 2019, or an approximately 9% increase (based on the midpoint
of the range) compared to the three months ended December 31, 2019.
The disclosure regarding the preliminary estimates contained in the Preliminary
Prospectus Supplement is set forth in the excerpt of the Preliminary Prospectus
Supplement attached hereto as Exhibit 99.1.
Our financial results for the three months and year ended December 31, 2020 are
not yet complete and will not be available until after the completion of the
Offering. Accordingly, we are presenting certain preliminary unaudited estimated
financial results as of December 31, 2020 and for the three months and year then
ended. The unaudited estimated financial results set forth in this report are
preliminary and subject to revision based upon the completion of our quarter-end
financial closing processes and our year-end audit as well as the related
external review of the results of operations for the three months and year ended
December 31, 2020. Our preliminary unaudited estimated financial results are
forward-looking statements based solely on information available to us as of the
date of this report. As a result, our actual results for the three months and
year ended December 31, 2020 may differ materially from the preliminary
unaudited estimated financial results set forth in this report upon the
completion of our financial closing procedures, final adjustments, and other
developments that may arise prior to the time our financial results are
finalized. You should not place undue reliance on these estimates.
ITEM 8.01 OTHER EVENTS
On January 12, 2021, Vontier Corporation issued a press release announcing the
commencement of the Offering. A copy of the press release is attached hereto as
Exhibit 99.2 and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
Exhibit
No. Description
99.1 Preliminary Prospectus Supplement Excerpt
99.2 Press Release, dated January 12, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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