Fortive lifts annual profit view as automation demand drives quarterly beat

Fortive

30/10/2024 12:59

Oct 30 (Reuters) - Industrial products maker Fortive
 FTV.N  raised its annual profit forecast on Wednesday, after
steady demand for its automation products and services boosted
third-quarter profit above estimates.
    Businesses looking to optimize their industrial operations
are fueling demand for building technology and benefiting
companies such as Fortive that make products to help increase
efficiency.
    The Everett, Washington-based company now expects annual
adjusted earnings per share of $3.84 to $3.87, compared with its
previous forecast of $3.80 to $3.86. 
    However, Fortive trimmed its annual sales forecast to
between $6.24 billion and $6.26 billion, from $6.25 billion to
$6.30 billion earlier. 
    On an adjusted basis, the company reported a third-quarter
profit of 97 cents per share, compared with analysts' average
estimate of 93 cents per share, according to data compiled by
LSEG.
    Sales rose nearly 3% from a year earlier to $1.53 billion,
but missed estimates of $1.55 billion. 

 (Reporting by Anshuman Tripathy in Bengaluru; Editing by Devika
Syamnath)
 ((Anshuman.Tripathy@thomsonreuters.com;))