Fortive (NYSE:FTV) Issues FY 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 3.800-3.860 for the period, compared to the consensus earnings per share estimate of 3.810. The company issued revenue guidance of $6.3 billion-$6.3 billion, compared to the consensus revenue estimate of $6.4 billion. Fortive also updated its FY24 guidance to $3.80-3.86 EPS.

Fortive Trading Up 0.1 %

Shares of Fortive stock traded up $0.04 on Thursday, hitting $70.44. 2,523,515 shares of the company traded hands, compared to its average volume of 1,668,714. Fortive has a 52 week low of $63.05 and a 52 week high of $87.10. The company has a market cap of $24.80 billion, a PE ratio of 28.00, a PEG ratio of 2.24 and a beta of 1.12. The stock’s 50 day moving average price is $74.31 and its 200-day moving average price is $78.41. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.38.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. Fortive had a net margin of 14.68% and a return on equity of 12.22%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same period in the prior year, the firm earned $0.85 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. Equities research analysts predict that Fortive will post 3.81 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FTV. TD Cowen upgraded shares of Fortive from a hold rating to a buy rating and boosted their target price for the stock from $75.00 to $90.00 in a report on Monday, July 8th. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a report on Monday, May 13th. Truist Financial cut their price objective on shares of Fortive from $89.00 to $82.00 and set a buy rating on the stock in a report on Thursday. Citigroup cut their price objective on shares of Fortive from $101.00 to $98.00 and set a buy rating on the stock in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. downgraded shares of Fortive from an overweight rating to a neutral rating and cut their price objective for the company from $95.00 to $90.00 in a report on Wednesday, April 17th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fortive presently has an average rating of Moderate Buy and an average target price of $84.92.

About Fortive

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.