A month has gone by since the last earnings report for Fortive (FTV). Shares have lost about 14.2% 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 Earnings & Revenues Surpass Estimates in Q4Fortive Corporation reported fourth-quarter 2019 earnings of $1.03 per share, outpacing the Zacks Consensus Estimate of 97 cents. The figure increased 13.2% from the year-ago quarter and 18.4% on a sequential basis.Revenues also increased 13.9% year over year to $2 billion. In addition, core revenues grew 0.4% from the year-ago quarter. Also, the top line surpassed the Zacks Consensus Estimate by 1.2%.Top Line in DetailFortive operates under the following two organized segments.Professional Instrumentation: The segment generated revenues of $1.23 billion (61.5% of total fourth-quarter revenues), which increased 23.1% on a year-over-year basis. The increase was driven by contributions from acquisitions.Industrial Technologies: This segment generated revenues of $771.4 million (38.5% of total revenues), which improved 1.9% from the prior-year quarter.Operating DetailsIn the fourth quarter, gross margin came in at 51.7%, which expanded 60 basis points (bps) year over year.Total operating expenses were $740.7 million, reflecting a 22.7% year-over-year increase. As a percentage of revenues, selling, general & administrative expenses increased from the year-ago quarter, while research & development costs decreased slightly.Operating margin was 14.7%, which contracted 210 bps on a year-over-year basis.Segment wise, operating margin from Professional Instrumentation came in at 13.9%, which contracted 220 bps year over year.Industrial Technologies operating margins came in at 19.4%, which contracted 110 bps from the year-ago quarter.Balance Sheet & Cash FlowAt the end of the fourth quarter, cash and cash equivalents were $1.2 billion and accounts receivables were $1.38 billion.The company generated free cash flow of more than $450 million in the fourth quarter, up 17% from the year-ago period.GuidanceFor first-quarter 2020, management expects adjusted net earnings in the range of 70-74 cents per share. For 2020, Fortive expects adjusted net earnings in the range of $3.68-$3.78 per share. How Have Estimates Been Moving Since Then?Estimates revision followed a downward path over the past two months. The consensus estimate has shifted -11.45% due to these changes.VGM ScoresAt this time, Fortive has an average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookFortive 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. Zacks Investment Research