Fortive Boosts FY24 Adj. EPS Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Wednesday, technology company Fortive Corp. (FTV) provided outlook for the fourth quarter, and raised its adjusted earnings guidance for the full-year 2024, while trimming annual revenue outlook.

For the fourth quarter, Fortive expects earnings in a range of $0.72 to $0.75 per share and adjusted earnings in a range of $1.11 to $1.14 per share on revenue between $1.63 billion and $1.65 billion

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.13 per share on revenues of $1.66 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $2.47 to $2.50 per share and adjusted earnings in a range of $3.84 to $3.87 per share on total revenues between $6.24 billion and $6.26 billion.

Previously, the company expected earnings in the range of $2.68 to $2.74 per share and adjusted earnings in the range of $3.80 to $3.86 per share on total revenues between $6.25 billion and $6.30 billion.

The Street is looking for earnings of $3.81 per share on revenues of $6.28 billion for the year.

James Lico, President and CEO, stated, "Looking forward to 2025, we are poised to accelerate our strategy and ensure consistent value creation as we progress toward the separation of Fortive and the PT segment, creating two focused, independent public companies, both positioned to provide greater value to all of our stakeholders."

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