Fortive (NYSE:FTV) Releases FY 2024 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 3.800-3.860 for the period, compared to the consensus EPS estimate of 3.820. The company issued revenue guidance of $6.3 billion-$6.3 billion, compared to the consensus revenue estimate of $6.3 billion. Fortive also updated its Q3 2024 guidance to 0.920-0.950 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FTV. TD Cowen raised shares of Fortive from a hold rating to a buy rating and lifted their price target for the company from $75.00 to $90.00 in a report on Monday, July 8th. Wells Fargo & Company decreased their target price on shares of Fortive from $84.00 to $75.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. Mizuho upgraded Fortive from a neutral rating to an outperform rating and increased their price target for the company from $80.00 to $90.00 in a research note on Friday, September 6th. Raymond James upgraded Fortive from a market perform rating to an outperform rating and set a $85.00 price objective on the stock in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reiterated a sector perform rating and issued a $77.00 target price on shares of Fortive in a research report on Friday, September 6th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $86.23.

Fortive Price Performance

Shares of FTV opened at $72.51 on Thursday. The business has a 50-day moving average of $72.23 and a 200-day moving average of $76.69. Fortive has a 1 year low of $63.05 and a 1 year high of $87.10. The company has a market capitalization of $25.53 billion, a price-to-earnings ratio of 28.66, a price-to-earnings-growth ratio of 2.06 and a beta of 1.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. Fortive had a net margin of 14.39% and a return on equity of 12.32%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter in the previous year, the company earned $0.85 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, equities research analysts anticipate that Fortive will post 3.82 earnings per share for the current year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Tuesday, September 17th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.44%. Fortive’s payout ratio is currently 12.65%.

Fortive Company Profile

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.