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Fortive Corporation (NYSE:FTV) shares are trading lower after the company reported second-quarter FY24 results.
Revenue grew 2% Y/Y to $1.55 billion, marginally missing the consensus of $1.57 billion.
Core Growth Sales by segments: Intelligent Operating Solutions $677.0 million (+3.1% Y/Y), Precision Technologies $552 million (-6.6% Y/Y), and Advanced Healthcare Solutions $324 million (+5.0% Y/Y).
The company’s adjusted operating margin is up 90 basis points Y/Y to 27% in the quarter. Adjusted EPS of $0.93, beating the consensus of $0.92.
The company reported an operating cash flow of $309 million and a free cash flow of $280 million in the quarter.
James A. Lico, President and CEO, said, “Strong execution across our businesses resulted in earnings and cash flow at the high-end of our guidance in the second quarter. Our performance reflects our ability to adapt to the delayed recovery we are seeing in certain end markets and deliver differentiated financial results, enabled by FBS-led innovation and productivity.”
“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.”
Outlook: For FY24, Fortive lowered its revenue forecast to $6.25 billion-$6.30 from $6.35 billion-$6.43 billion (versus a consensus of $6.37 billion).
The company tightened the adjusted EPS outlook to $3.80-$3.86 (from $3.77-$3.86) versus the consensus of $3.81.
For the third quarter of FY24, Fortive anticipates revenue of approximately $1.55 billion (consensus: $1.59 billion) and adjusted EPS of $0.92-$0.95 (consensus $0.95).
Investors can gain exposure to the stock via Themes Natural Monopoly ETF (NASDAQ:CZAR) and Pacer US Cash Cows Growth ETF (NYSE:BUL).
Price Action: FTV shares are down 6.53% at $71.68 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
