Fortive Corp FTV reported Q2 2023 sales growth of 4.3% Y/Y to $1.53 billion, beating the consensus of $1.51 billion.
Sales by segments: Intelligent Operating Solutions $653.1 million (+3.6% Y/Y), Precision Technologies $537.4 million (+7.7% Y/Y), and Advanced Healthcare Solutions $335.9 million (+0.6% Y/Y).
"Our second quarter results once again demonstrated the quality of our portfolio and strength of our execution, yielding 5.5% core growth and record margins in the second quarter driven by strength in Precision Technologies, coupled with recovery in healthcare and momentum in our software and services businesses. Our continued success builds on our culture of continuous improvement and dedication to FBS, which is enabling our teams to relentlessly execute for customers and drive outperformance for Fortive," said James A. Lico, President and CEO.
Adjusted EPS improved 9% Y/Y to $0.85, beating the consensus of $0.81.
Adjusted gross margin expanded by 250 bps Y/Y to 59.5%. Adjusted operating profit margin rose 190 bps Y/Y to 26.0%.
Outlook: Fortive expects revenue of $6.070 billion - $6.100 billion versus the prior view of $6 billion - $6.10 billion(consensus $6.06 billion).
The company raised the adjusted EPS outlook to $3.36-$3.42 (up 7%-9%, consensus $3.36).
For Q3 2023, Fortive anticipates revenue of approximately $1.505 billion-$1.52 billion (Street view $1.50 billion) and adjusted EPS of $0.82-$0.85 (consensus $0.85).
Price Action: FTV shares are trading higher by 0.16% at $74.28 on the last check Wednesday.
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