Fortive (NYSE:FTV) Plummets on Q3 Results
Market News

Fortive (NYSE:FTV) Plummets on Q3 Results

Story Highlights

Fortive shares are under pressure today after its third-quarter results failed to impress investors.

Shares of technology solutions provider Fortive (NYSE:FTV) are tanking today after its third-quarter revenue of $1.49 billion missed expectations by $30 million. Nevertheless, its EPS of $0.85 landed in line with estimates.

During the quarter, Fortive’s software businesses remained resilient with an annual recurring revenue growth of 9%. Additionally, its operating margin expanded by 220 basis points to 20%. Sales in the company’s Intelligent Operating Solutions segment rose from $613.7 million to $644.3 million. In addition, the Precision Technologies segment grew from $523.7 million to $530.6 million.

In the current business environment, Fortive is focusing on establishing a leadership position in connected workflows on the back of positive trends in energy transition, productivity, and automation & digitization.

Looking ahead to Fiscal Year 2023, the company expects revenue to hover in the range of $6 billion to $6.1 billion with EPS anticipated to fall between $3.37 and $3.40. For the upcoming quarter, Fortive expects EPS to land between $0.92 and $0.95 on revenue of $1.6 billion.

What Is the Target Price for Fortive?

Overall, the Street has a Moderate Buy consensus rating on Fortive. The average FTV price target of $82.69 implies a 17.7% potential upside. That’s on top of a nearly 12% rise in Fortive shares over the past year.

Read full Disclosure

Related Articles
TheFlyFortive price target lowered to $77 from $85 at RBC Capital
TheFlyFortive price target lowered to $77 from $82 at Wells Fargo
TheFlyFortive price target lowered to $95 from $98 at Barclays
Go Ad-Free with Our App