Fortive Corporation


SKU: FTV-1 Category:


Fortive delivered its fourth consecutive all-around beat and managed to report core revenue growth, operating margin expansion, adjusted earnings per share growth, and free cash flow growth. IOS grew core revenue, representing its double-digit core revenue growth. There was good growth in every region, with low double-digit growth in North America, high 20s growth in China, and mid-teens growth in Western Europe. In every region, POS remains strong. In the quarter, strong end-market demand drove revenue growth of double-digit EMEA SaaS. Revenue grew in EHS by high teems with strong contributions from both Intelex and Industrial Scientific. Despite a sizable headwind from the end-of-life products, Accruent SaaS revenue grew by mid-single digits. Precision Technologies delivered a strong quarter of double-digit revenue growth in all businesses. For the quarter, some highlights include high operating profit and quarterly revenues at Tektronix, which benefit robust backlog driven by a new entry in the mainstream as sold scopes, share gains, and new product launches. There was a slowdown in orders. Sensing Technologies had mid-teens growth. Revenues increased in the quarter in Advanced Healthcare Solutions, driven by a wide improvement across every healthcare operating company. AHS segment margins were down in the quarter, primarily driven by high inflation. We give Fortive Corporation a ‘Hold’ rating with a revised target price. 

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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