Fortive Q3 2023 Earnings Report
Key Takeaways
Fortive reported strong third-quarter results with revenue growth of 2.6% and core revenue growth of 2.5%. The company saw improvements in operating margin and adjusted operating margin. GAAP diluted EPS increased by 15%, and adjusted diluted EPS increased by 8%. Fortive reaffirmed its full-year outlook.
Q3 revenue growth of 2.6%, 2.5% core, reflecting growth in all segments
Software businesses demonstrating resilience with annual recurring revenue growth of 9%
Operating margin up 220 basis points to 20%; adjusted operating margin up 150 basis points to 26% driven by strong gross margin expansion and productivity initiatives
Q3 GAAP Diluted EPS of $0.61, up 15%; Adjusted Diluted EPS of $0.85, up 8%
Fortive
Fortive
Forward Guidance
For the fourth quarter of 2023, Fortive anticipates revenue of approximately $1.6 billion, diluted net earnings per share of $0.61 to $0.64 and adjusted diluted net earnings per share of $0.92 to $0.95. For the full year 2023, Fortive anticipates revenue of approximately $6.0 billion to $6.1 billion, diluted net earnings per share of $2.30 to $2.33, and adjusted diluted net earnings per share of $3.37 to $3.40.