Fortive cuts full-year profit forecast

Fortive

25/10/2023 14:09

Oct, 25 (Reuters) - Fortive  FTV.N , whose industrial
measurement equipment and software-enabled automation are used
in a range of industries, cut its full-year profit forecast on
Wednesday due to inflationary pressures and ongoing supply chain
snarls.
    The company, whose technology is used in industries ranging
from hospitals to construction and broadcast to food, now
expects full-year earnings per share of $2.30 to $2.33.
    It had forecast earningws of $2.38 to $2.44 per share
earlier.
    Fortive, like its peers Emerson Electric Co  EMR.N  and
Rockwell Automation  ROK.N , has benefited from companies
revamping their facilities as labor gets expensive.
    Fortive's sales rose about 2.6% to $1.49 billion in the
third quarter.
    However, its net income rose 15% to $218 million, or 61
cents per share, helped by a 220-basis-points increase in
operating margins as well as productivity initiatives.
    The results come two days after Fortive's $1.45 billion
all-cash deal for German manufacturer EA Elektro-Automatik
Holdings GmbH.

 (Reporting by Abhinav Parmar and Nathan Gomes in Bengaluru;
Editing by Savio D'Souza)
 ((Abhinav.Parmar@thomsonreuters.com;))