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Fortive reported lower Q1 FY24 results, missing revenue estimates. Adjusted EPS beat expectations. Dividend declared. Fortive revised its FY24 outlook.

Why Industrial Conglomerate Fortive&#39;s Shares Are Sliding Today

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Fortive Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTV#NYSE">FTV</a>) shares are trading lower after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38400525/fortive-reports-strong-first-quarter-2024-results-raises-full-year-2024-outlook" rel="noreferrer noopener">first-quarter FY24 results</a>.



Revenue grew 4% Y/Y to $1.525 billion,&nbsp;marginally missing the consensus of $1.527 billion.



Sales by&nbsp;<a target="_blank" href="https://s2.q4cdn.com/680534137/files/doc_financials/2024/q1/FTV-1Q-2024-Earnings-Presentation.pdf" rel="noreferrer noopener">segments</a>:&nbsp;Intelligent Operating Solutions $666 million (+5% Y/Y), Precision Technologies $559 million (+3% Y/Y), and Advanced Healthcare Solutions $300 million (+4% Y/Y).



The company&#8217;s adjusted operating margin is up 110 basis points Y/Y to 25.1%, driven by substantial gross margin expansion.



Adjusted EPS improved 11% Y/Y to 83 cents,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of 79 cents</a>.



The company reported&nbsp;an operating&nbsp;cash flow of $257 million and&nbsp;a free&nbsp;cash flow of $230 million (up 54%) in the quarter.



&#8220;Our results in the first quarter once again reflect the resiliency and strength of our differentiated portfolio of businesses. All three segments performed ahead of expectations on core growth, margins, earnings growth, and free cash flow, all enabled by the strength and rigorous application of the Fortive Business System (FBS),&#8221; said James A. Lico, President and CEO.



Dividend: Fortiv declared a quarterly cash dividend per share of $0.08, payable on June 28, 2024, to stockholders of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38100321/fortive-declares-regular-quarterly-dividend-on-its-common-stock" rel="noreferrer noopener">record on May 31, 2024</a>.



Outlook:&nbsp;For FY24,&nbsp;Fortive lowered its revenue forecast from $6.4&nbsp;billion-$6.5&nbsp;billion to $6.35 billion-$6.43 billion (versus a consensus of $6.48 billion).



Adjusted EPS raised from $3.73-$3.85 to $3.77-$3.86&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus the consensus of $3.80</a>.



For the second quarter of FY24, Fortive anticipates revenue of approximately $1.6 billion (consensus: $1.62 billion) and adjusted EPS of $0.90-$0.93 (consensus $0.94).



Investors can gain exposure to the stock via&nbsp;Brookstone Intermediate Bond ETF&nbsp;Brookstone&nbsp;Growth Stock ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/BAMG#BATS">BAMG</a>)&nbsp;and&nbsp;Pacer US Cash Cows Growth ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUL#NYSE">BUL</a>).



Price Action:&nbsp;FTV shares are trading lower by 7.24% at $74.86 at&nbsp;the last check Wednesday.

Why Industrial Conglomerate Fortive's Shares Are Sliding Today

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Latest Brookstone Growth Stock ETF News | BATS:BAMG | Benzinga

Wednesday, April 24, 2024

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