Industrial products maker Fortive cuts full-year sales forecast

Fortive

24/07/2024 16:32

July 24 (Reuters) - Fortive  FTV.N  lowered its annual
sales forecast and said it was facing weak demand in its
precision technologies business, sending the industrial products
maker's shares down 7% on Wednesday.
    The company forecast 2024 sales between $6.25 billion and
$6.30 billion, down from its previous expectation of $6.35
billion to $6.43 billion.
    Fortive's precision technologies unit provides services such
as electrical testing and measurement for automotive and medical
equipment sectors among others.
    Sales at the business fell to $551.8 million in the second
quarter from $560.3 million.
    Delay in government spending and a slower recovery in
end-markets including the European Union and China weighed on
the unit's quarterly performance, according to the company.
    Higher sales at Fortive's intelligent operating solutions
and advanced healthcare solutions units boosted the company's
overall sales, which rose 2% to $1.55 billion.
    On an adjusted basis, the company earned 93 cents per share,
compared with analysts' estimates of 92 cents, according to LSEG
data.

 (Reporting by Anandita Mehrotra in Bengaluru; Editing by Shreya
Biswas)
 ((Anandita.Mehrotra@thomsonreuters.com))