Fortive Q2 2024: Rev. Up 2% YoY, Adjusted EPS $0.93, GAAP EPS $0.55, Raises FY24 EPS Outlook

• Fortive Q2 2024 revenue up 2% to $1.55 bln.• Operating profit margin at 19%, adjusted at 27%.• GAAP EPS $0.55, adjusted EPS $0.93, within guidance.• Reported operating cash flow $309 mln, free cash flow $280 mln.• Full-year 2024 GAAP EPS projected $2.68-$2.74, up 10-13%.• Adjusted EPS forecast $3.80-$3.86, up 11-13%.

Fortive Corporation (FTV) reported a robust fourth quarter and full-year 2023 performance, demonstrating the company's commitment to executing its growth strategy and delivering value to shareholders [1]. The company's strong operational performance, driven by the Fortive Business System (FBS), resulted in financial results that surpassed expectations.

In Q4 2023, Fortive reported total revenue of $1.55 billion, marking a 2% increase compared to the same period last year [1]. The company's core revenue grew by 3%, and its non-GAAP operating profit margin reached 27%, a testament to Fortive's operational efficiency and effectiveness. Fortive reported GAAP earnings per share (EPS) of $0.55 and non-GAAP adjusted EPS of $0.93, both within the company's guidance range [1].

The company's financial performance was underpinned by its operational cash flow, which totaled $280 million in Q4 2023, up 12% compared to the same period last year [1]. For the full year 2023, Fortive reported revenues of $6.07 billion, a 4% increase year-over-year, and non-GAAP adjusted EPS of $3.43, up 13% compared to the previous year [1].

Looking ahead, Fortive anticipates continued growth in 2024. The company expects full-year 2024 revenues to range between $6.4 billion and $6.5 billion, representing a 6% to 8% increase compared to 2023 [1]. Fortive's non-GAAP adjusted EPS is projected to range between $3.73 and $3.85, representing a 9% to 12% increase compared to 2023 [1].

Fortive's strong financial performance in 2023 and its promising outlook for 2024 highlight the company's commitment to delivering value to its shareholders through its operational excellence and strategic growth initiatives.

References:
[1] Fortive Reports Strong Fourth Quarter and Full Year 2023 Results, Introduces First Quarter and Full Year 2024 Outlook. BusinessWire. Retrieved from https://www.businesswire.com/news/home/20230201005218/en/.

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