Fortive Stock Gains Post Q2 Beat

  • Fortive Corp FTV reported second-quarter sales growth of 10.9% year-over-year to $1.46 billion and core sales +9%, beating the consensus of $1.40 billion.
  • Adjusted EPS improved to $0.78 from $0.66 in 2Q21, beating the consensus of $0.72.
  • The company saw continued robust orders and software annual recurring revenue growth, reflecting its solid positions in critical industrial workflow solutions and diversified product portfolio.
  • Sales by segments: Intelligent Operating Solutions $630.1 million (+16.3% Y/Y), Precision Technologies $499.1 million (+5.8% Y/Y), and Advanced Healthcare Solutions $334.1 million (+9.2% Y/Y).
  • The gross margin contracted by 29 bps to 56.9%. The operating profit increased by 9.9% Y/Y to $232.3 million, and the margin contracted by 15 bps to 15.9%.
  • Fortive generated cash from operating activities year-to-date of $509.2 million, compared to $424.3 million a year ago. It has cash and cash equivalents of $682.9 million as of July 1, 2022.
  • 3Q22 Outlook: Fortive anticipates revenue of $1.43 billion - $1.46 billion vs. a consensus of $1.45 billion; and adjusted EPS of $0.74 - $0.77 vs. the consensus of $0.77.
  • FY22 Outlook: Fortive expects revenue of $5.78 billion - $5.83 billion (consensus $5.79 billion) compared to prior guidance of $5.77 billion - $5.88 billion; and adjusted EPS of $3.07 - $3.13 (consensus $3.08), compared to previous guidance of $3.04 - $3.13.
  • Price Action: FTV shares traded higher by 5.18% at $62.58 on the last check Thursday.
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