It has been about a month since the last earnings report for Fortive (FTV). Shares have lost about 11.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Fortive due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Fortive Beats Q1 Earnings Estimates, Lags RevenuesFortive Corporation reported first-quarter 2019 earnings of 69 cents per share, surpassing the Zacks Consensus Estimate by a penny. However, the figure decreased 11.5% from the year-ago quarter and 24.2% on a sequential basis. Revenues increased 6.7% year over year to $1.6 billion. Core revenues grew 3.7% from the year-ago quarter. However, the top line missed the Zacks Consensus Estimate of $1.59 billion.The year-over-year revenue increase was driven by strong growth across sensing and transportation technologies. However, the company faced some near-term headwinds in the Professional Instrumentation segment.Top Line in DetailFortive operates under the following two organized segments.Professional Instrumentation: The segment generated revenues of $947.3 million (59.5% of total first-quarter revenues), which increased 8.7% on a year-over-year basis. Industrial Technologies: This segment generated revenues of $645.6 million (40.5% of the total revenues), which improved 4% from the prior-year quarter. Operating DetailsIn the first quarter, gross margin came in at 51%, which contracted 40 basis points (bps) year over year.Total operating expenses were $595.4 million, reflecting a 21.9% year-over-year increase. As a percentage of revenues, both selling, general & administrative (SG&A) as well as research & development expenses increased from the year-ago quarter.Operating margin was 13.6%, which contracted 500 bps on a year-over-year basis. Segment wise, operating margin for Professional Instrumentation came in at 14.4%, which contracted 930 bps year over year.Industrial Technologies operating margins came in at 16.3%, which expanded 110 bps from the year-ago quarter.Balance SheetDuring the quarter, the company generated free cash flow growth of 31%.GuidanceFor second-quarter 2019, management expects adjusted net earnings in the range of 86-90 cents per share. For 2019, Fortive expects adjusted net earnings in the range of $3.55-$3.65 per share, including $0.20 from the Advanced Sterilization Products business. How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.VGM ScoresAt this time, Fortive has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Fortive has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fortive Corporation (FTV): Free Stock Analysis Report To read this article on Zacks.com click here.