Fortive Falls As Quarterly Results, Outlook Shy Of Estimates

(RTTNews) - Shares of industrial technology company Fortive Corporation (FTV) are falling more than 7% Wednesday morning after the company's third-quarter revenue fell short of analysts' view. Fortive also provided fourth-quarter as well full-year adjusted earnings outlook below analysts' expectations.

For the third quarter, revenues increased 2.6% year-over-year to $1.494 billion, but missed the consensus estimate of analysts polled by Thomson-Reuters of $1.52 billion.

For the fourth quarter, the company expects adjusted earnings per share to be in the range of $0.92 - $0.95, below the Street view of $0.96 per share. Full-year adjusted EPS outlook of $3.37 - $3.40 also came in below consensus estimate of $3.41 per share.

FTV is at $65.10 currently. It has traded in the range of $61.38 - $79.90 in the last 1 year.