Fortive (FTV) Beats On Q3 Earnings & Revenues, Guides Up
Zacks Investment Research | Oct 27, 2017 12:02AM ET
Fortive Corporation (NYSE:FTV) reported third-quarter 2017 earnings of 77 cents per share, which beat the Zacks Consensus Estimate by four cents. The figure increased almost 15% from the year-ago quarter and was better than management’s guidance of 69-73 cents.
Revenues increased 7.5% year over year to $1.69 billion, slightly better than the Zacks Consensus Estimate of $1.66 billion. Acquisitions contributed 1.8% to this growth, while favorable foreign exchange added 0.9%.
Geographically, core revenues grew double-digits across Asia, which is a high-growth market for Fortive. Mid-teens growth in China was led by business wins at Jacobs Vehicle Systems, Tektronix, Fluke and Kollmorgen.
Fortive reported improved growth in Latin America. Core revenues in developed markets grew low-single digits driven by continued strength in Western Europe and improved performance by Tektronix and automation businesses in North America.
Fortive’s shares have returned 37% year to date, substantially underperforming the 46.4% rally of the
Long term earnings growth for Texas Instruments, Lam Research and Applied Materials are currently pegged at 9.6%, 14.9% and 17.1%, respectively.
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