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Fortive Announces Encouraging Q3 Preliminary Expectations

Zacks Equity Research
·3 min read

Fortive Corporation FTV recently reported preliminary expected third-quarter 2020 results. The company is expected to release full financial results for the period soon.

Encouraging Q3 Preliminary Projections

For third-quarter 2020, the company expects total revenues to increase 2% year over year, which is above the guidance provided earlier.

The Zacks Consensus Estimate for revenues is currently pegged at $1.83 billion.

Notably, the company operates under the following two organized segments - Professional Instrumentation and Industrial Technologies.

For the quarter, Professional Instrumentation segment revenues are expected to increase 1% versus prior expectation of mid-single digit to low-single digit year-over-year decline.

Also, Industrial Technologies revenues are expected to increase 4.5% versus prior guidance of low-single digit year-over-year increase.

In addition to the above, Fortive anticipates positive year-over-year growth in both operating profit and adjusted operating profit for the quarter.

Fortive Corporation Price and Consensus

Fortive Corporation Price and Consensus
Fortive Corporation Price and Consensus

Fortive Corporation price-consensus-chart | Fortive Corporation Quote

Share Price Movement

Management is optimistic about the quarterly results. Following the announcement, its shares gained 2.14% to close at $79.06 yesterday.

Moreover, the company has outperformed the industry over the past three months. The stock has gained 16.1% compared with 8.1% and 6.3% growth of the industry and S&P 500, respectively.

Positive Earnings Estimate Revision

Fortive has an impressive earnings surprise history. The company beat estimates in three of the trailing four quarters, with the average surprise being 6.6%.

Moreover, over the past 30 days, third-quarter estimates were revised upward by 7.8% to 83 cents per share. Also, for full-year 2020, estimates were upwardly revised by 2.8% to $3.25 per share.

Further, the company has a long-term expected EPS growth rate of 11.4%.

Zacks Rank & Other Key Picks

Currently, Fortive has a Zacks Rank #2 (Buy). Other top-ranked stocks in the broader technology sector include Dropbox DBX, Etsy, Inc. ETSY and Intuit Inc. INTU, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Long-term earnings growth rate of Dropbox, Etsy and Intuit is pegged at 34.4%, 26.5% and 12.3%, respectively.

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