Fortive Issues Q3 Outlook; Lifts FY24 Earnings Forecast, Cuts Revenue View

(RTTNews) - Fortive Corp. (FTV), a provider of essential technologies for connected workflow solutions, on Wednesday issued third-quarter outlook, and raised fiscal 2024 earnings forecast, but trimmed annual revenue view.

For the third quarter of 2024, Fortive anticipates net earnings per share of $0.63 to $0.66, adjusted net earnings per share of $0.92 to $0.95 and revenue of around $1.55 billion. Analysts on average expect the company to report earnings of $0.95 per share on revenues of $1.59 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, for fiscal 2024, Fortive now expects net earnings per share of $2.68 to $2.74, and adjusted net earnings per share of $3.80 to $3.86.

The company previously expected net earnings per share of $2.61 to $2.70 and adjusted net earnings per share of $3.77 to $3.86.

Revenue are now expected to be around $6.25 billion to $6.30 billion, lower than previously expected around $6.35 billion to $6.43 billion.

Analysts expect earnings of $3.81 per share on revenues of $6.37 billion for the year.

James Lico, President and Chief Executive Officer, stated, "Our updated 2024 outlook reflects double-digit earnings and cash flow growth, including a balanced view of end markets, specifically in the Precision Technologies segment."

In 2023, net earnings per share were $2.43, adjusted earnings per share were $3.43, and revenues were $6.07 billion.

In its second quarter, Fortive reported weak profit, while adjusted earnings were above market estimates.

The company's bottom line came in at $195.1 million or $0.55 per share, compared to $209 million or $0.59 per share last year.

Adjusted earnings were $329.1 million or $0.93 per share for the period. Analysts had expected the company to earn $0.92 per share.

The company's revenue for the quarter rose 2 percent to $1.55 billion from $1.53 billion last year. The Street was looking for revenues of $1.57 billion.

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