Fortive Q1 Earnings Top Estimates, Provides Moderate Q2 Outlook

Nabaparna Bhattacharya
1 min read
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In this article:

  • Fortive Corp (NYSE: FTV) reported first-quarter sales growth of 6.1% year-over-year to $1.46 billion, beating the consensus of $1.42 billion.

  • Adjusted EPS improved to $0.75 from $0.70, beating the consensus of $0.73.

  • CEO James A. Lico, stated, "We had a strong start to the year, delivering better than expected revenues, margins, and earnings in the first quarter."

  • Sales by segments: Intelligent Operating Solutions $632.1 million (+7.6% Y/Y), Precision Technologies $515.5 million (+11.5% Y/Y), and Advanced Healthcare Solutions $313.1 million (-4.1% Y/Y).

  • The gross margin expanded by 60 bps to 58.1%. The operating profit increased to $240.4 million.

  • Outlook: Fortive raised the low end of its FY23 outlook. The company now expects revenue of $6 billion - $6.10 billion (consensus $6.04 billion) compared to prior guidance of $5.95 billion - $6.10 billion; and adjusted EPS of $3.29 - $3.40 (consensus $3.36), compared to previous guidance of $3.25 - $3.40.

  • For the second quarter of 2023, Fortive anticipates revenue of approximately $1.5 billion (Street view $1.51 billion) and adjusted EPS of $0.78 - $0.82 (consensus $0.82).

  • Price Action: FTV shares traded lower by 2.56% at $63.65 on the last check Wednesday.

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This article Fortive Q1 Earnings Top Estimates, Provides Moderate Q2 Outlook originally appeared on Benzinga.com

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