Fortive Corporation · Q1 2024 earnings

Briefing

Fortive's first quarter performance in 2024 exceeded expectations across all segments, driven by the company's focus on innovation and execution.

Fortive reported a strong first quarter in 2024, with total and core revenue growth of 4% and 3% respectively. The company's GAAP diluted EPS was $0.58, up 18%, and adjusted diluted EPS was $0.83, up 11%. Fortive raised its full year 2024 outlook, anticipating continued growth in earnings and free cash flow.

• Strategy to build a more durable growth company is working, evidenced by better than expected Q1 performance in all segments
• Total and core revenue growth of 4% and 3% respectively, with record margin performance driven by FBS-enabled innovation and relentless focus on execution
• GAAP diluted EPS of $0.58, up 18%; adjusted diluted EPS of $0.83, up 11%; reported operating cash flow of $257 million and free cash flow of $230 million, up 54%
• Raises 2024 outlook; GAAP diluted EPS of $2.61 to $2.70, year-over-year increase of 7% to 11%; full-year 2024 adjusted diluted EPS of $3.77 to $3.86, year-over-year increase of 10% to 13%

Headline financials

Revenue & EPS history

For the second quarter of 2024, Fortive anticipates revenue of approximately $1.6 billion, diluted net earnings per share of $0.57 to $0.60 and adjusted diluted net earnings per share of $0.90 to $0.93. For the full year 2024, Fortive anticipates revenue of approximately $6.35 billion to $6.43 billion, diluted net earnings per share of $2.61 to $2.70, and adjusted diluted net earnings per share of $3.77 to $3.86.