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What to Expect From Fortive's Q3 2024 Earnings Report

Sohini Mondal Barchart Sat Oct 5, 1:09PM CDT

With a market cap of $27.1 billion, Fortive Corporation (FTV) operates in the industrial technology and instrumentation sector. The Everett, Washington-based company provides solutions through its three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The company is expected to announce its fiscal Q3 earnings results before the market opens on Wednesday, Oct. 30.

Ahead of the event, analysts expect the industrial conglomerate to report a profit of $0.93 per share, up 9.4% from $0.85 per share in the year-ago quarter. The company has surpassed Wall Street's bottom-line estimates in three of the past four quarters while missing on one other occasion. In Q1, the company reported an EPS of $0.93, exceeding the consensus estimates by 1.1% margin. .

For fiscal 2024, analysts expect FTV to report an EPS of $3.82, up 11.4% from $3.43 in fiscal 2023. In addition, EPS is expected to grow 9.2% year-over-year to $4.17 in fiscal 2025.

Shares of Fortive have gained 4% over the past 52 weeks, underperforming both the S&P 500 Index's ($SPX) 34.9% rise and the Industrial Select Sector SPDR Fund's (XLI) 35.5% increase over the same period.

Despite beating earnings estimates, shares of Fortive tumbled 8.2% on Jul. 24 due to the company's weaker-than-expected Q2 revenue of $1.6 billion and lowered annual sales forecast. The company's Precision Technologies unit saw a decline in sales, driven by delays in government spending and a slow recovery in key markets like the European Union and China.

Analysts' consensus view on Fortive stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 17 analysts covering the stock, 10 recommend a "Strong Buy," one suggests a "Moderate Buy," and six give a "Hold" rating. This configuration is more bullish than three months ago, with eight analysts suggesting a "Strong Buy."

The average analyst price target for FTV is $86.67, suggesting a potential upside of 12.7% from the current levels.

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On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.