Fortive (NYSE:FTV) Issues Q3 2024 Earnings Guidance

Fortive (NYSE:FTV) updated its third quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.920-0.950 for the period, compared to the consensus EPS estimate of 0.950. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion. Fortive also updated its FY 2024 guidance to 3.800-3.860 EPS.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. JPMorgan Chase & Co. lowered Fortive from an overweight rating to a neutral rating and cut their price objective for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. TD Cowen upgraded Fortive from a hold rating to a buy rating and boosted their price objective for the stock from $75.00 to $90.00 in a research note on Monday, July 8th. Citigroup dropped their price target on Fortive from $101.00 to $98.00 and set a buy rating for the company in a research report on Thursday, April 25th. Barclays dropped their price target on Fortive from $93.00 to $91.00 and set an overweight rating for the company in a research report on Thursday. Finally, Royal Bank of Canada dropped their price target on Fortive from $83.00 to $77.00 and set a sector perform rating for the company in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Fortive currently has a consensus rating of Moderate Buy and a consensus price target of $84.92.

Fortive Trading Up 1.4 %

FTV opened at $70.99 on Friday. The business has a fifty day simple moving average of $74.03 and a 200-day simple moving average of $78.35. The company has a quick ratio of 1.17, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. Fortive has a 52 week low of $63.05 and a 52 week high of $87.10. The firm has a market cap of $24.87 billion, a P/E ratio of 28.06, a P/E/G ratio of 2.04 and a beta of 1.12.

Fortive (NYSE:FTV) last announced its quarterly earnings results 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. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Fortive had a net margin of 14.39% and a return on equity of 12.32%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.85 EPS. On average, equities analysts expect that Fortive will post 3.81 earnings per share for the current year.

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.