Fortive beats Q3 earnings estimates, raises full-year outlook

EVERETT, Wash. - Fortive Corporation (NYSE: NYSE:FTV ) reported better-than-expected third quarter earnings on Wednesday, as the industrial technology company saw strong performance across its business segments. The company also raised its full-year earnings guidance.

Fortive posted adjusted earnings per share of $0.97 for Q3, exceeding analyst estimates of $0.93. Revenue came in at $1.54 billion, slightly below the consensus forecast of $1.55 billion but up 3% YoY.

"Fortive generated strong operating performance in the third quarter, with better than expected earnings and free cash flow," said James A. Lico, President and CEO.

The company reported core revenue growth of 1.1% in Q3. Its Intelligent Operating Solutions and Advanced Healthcare Solutions segments saw robust recurring revenue growth, while Precision Technologies logged double-digit orders growth.

Fortive raised its full-year 2024 adjusted EPS guidance to $3.84-$3.87, up from its previous outlook of $3.82 at the midpoint. The company now expects full-year revenue of $6.24-$6.26 billion.

For Q4, Fortive forecasts adjusted EPS of $1.11-$1.14 on revenue of $1.63-$1.65 billion.

The company also noted it is progressing toward its planned separation into two independent public companies by Q4 2025, pending final approvals.

Fortive's adjusted operating profit margin expanded 90 basis points YoY to 26.8% in Q3. Free cash flow grew 12.4% to $431.2 million.

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Source: Investing.com