Fortive Q1 2023 Earnings Report
Key Takeaways
Fortive Corporation announced strong financial results for the first quarter of 2023, with revenue increasing by 6% year-over-year to $1.46 billion, including 9% core revenue growth. GAAP EPS was $0.49, and adjusted EPS was $0.75, up 7%. The company has raised the low end of its full-year 2023 guidance, with anticipated GAAP EPS of $2.33-$2.44 and adjusted EPS of $3.29-$3.40.
Q1 revenue growth of 6%, with 9% core revenue growth, reflecting stronger than expected demand.
Revenue growth, margin expansion, and earnings performance exceeded expectations.
Q1 GAAP EPS of $0.49 includes $0.04 of expense to fund discrete productivity initiatives; Adjusted EPS of $0.75, up 7%.
Raised low end of 2023 outlook: GAAP EPS of $2.33-$2.44, Up 11%-16%; Adjusted EPS of $3.29-$3.40, up 4%-8%.
Fortive
Fortive
Forward Guidance
For the second quarter of 2023, Fortive anticipates revenue of approximately $1.5 billion, diluted net earnings per share of $0.52 to $0.56 and adjusted diluted net earnings per share of $0.78 to $0.82. For the full year 2023, Fortive anticipates revenue of $6.0 billion to $6.1 billion, diluted net earnings per share of $2.33 to $2.44, and adjusted diluted net earnings per share of $3.29 to $3.40.