Fortive Sees Q1 Results Below Market, FY24 Results Above Estimates - Update

(RTTNews) - Fortive Corp. (FTV), while reporting higher profit in its fourth quarter above market estimates, on Wednesday issued first-quarter earnings and revenue outlook, both below market. Further, for fiscal 2024, the company projects higher results, above the Street estimates.

For the first quarter of 2024, Fortive anticipates net earnings per share of $0.44 to $0.47, adjusted earnings per share of $0.77 to $0.80 and revenue of approximately $1.5 billion.

Analysts on average expect the company to earn $0.82 per share on revenues of $1.52 billion for the quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

For the full year 2024, Fortive anticipates net earnings per share of $2.58 to $2.70, adjusted earnings per share of $3.73 to $3.85 and revenue of approximately $6.4 billion to $6.5 billion.

Analysts expect the company to earn $3.68 per share on revenues of $6.36 billion for the year.

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

James Lico, President and Chief Executive Officer, said, "We are confident in our 2024 outlook, sustaining our multi-year track record of mid-single-digit core growth and mid-teens compounded earnings and free cash flow annually since 2019."

In its fourth quarter, Fortive's bottom line totaled $265.2 million, or $0.75 per share. This compares with $227.2 million, or $0.64 per share, in last year's fourth quarter.

Adjusted earnings were $348.7 million or $0.98 per share for the period. Analysts had expected the company to earn $0.94 per share.

The company's revenue for the quarter rose 3.3 percent to $1.58 billion from $1.53 billion last year.

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