Fortive raises 2024 profit forecast on resilient demand for industrial automation

Fortive

24/04/2024 14:04

April 24 - Industrial products maker Fortive  FTV.N 
raised its annual profit forecast on Wednesday as benefiting
from companies increasing their spending on automation amid a
tight labor market.
        Businesses throughout North America are overhauling and
automating their operations to boost efficiency amid escalating
labor costs.
  
    The Everett, Washington-based company now expects 2024
adjusted earnings per share in the range of $3.77 to $3.86,
compared with its previous forecast of $3.73 to $3.85.
    "We are confident in our raised outlook for the year,
continuing our track record of compounding earnings and free
cash flow growth by double-digits in 2024,” CEO James Lico said
in a statement.
    Fortive reported an adjusted profit of 83 cents per share,
compared with analysts' average estimate of 79 cents per share.
    Quarterly sales for the company, whose industrial
measurement equipment and software-enabled automation are used
in various industries ranging from hospitals to construction and
broadcast to food, rose 4.4% to $1.52 billion. 


 (Reporting by Anandita Mehrotra and Shivansh Tiwary in
Bengaluru; Editing by Tasim Zahid)
 ((Anandita.Mehrotra@thomsonreuters.com;))