Fortive Corporation FTV reported Q3 2023 revenue growth of 2.6% year-over-year to $1.495 billion, missing the consensus of $1.518 billion.
Sales by segments: Intelligent Operating Solutions $644.3 million (+5% Y/Y), Precision Technologies $530.6 million (+1.32% Y/Y), and Advanced Healthcare Solutions $319.6 million (+0.3% Y/Y).
The company's adjusted operating margin is up 150 basis points to 26%, driven by substantial gross margin expansion and productivity initiatives.
Adjusted EPS improved 8% Y/Y to $0.85, in line with the consensus.
"Our accelerated capital deployment in the third quarter reflects our strategy to build on leadership positions in our connected workflows and leverage promising megatrends, including automation & digitization, the energy transition, and productivity, to create unparalleled value for customers and shareholders," said James A. Lico, President and CEO.
Outlook: For FY23, Fortive expects revenue of $6.0 billion-$6.1 billion versus a consensus of $6.1 billion (prior view: $6.100 billion).
The company revised the adjusted EPS outlook to $3.37-$3.40 versus the consensus of $3.41 (prior view: $3.36-$3.42).
For Q4 2023, Fortive anticipates revenue of approximately $1.6 billion (consensus: $1.6 billion) and adjusted EPS of $0.92-$0.95 (consensus $0.96).
Price Action: FTV shares are trading lower by 6.02% at $66.02 on the last check Wednesday.
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