- Fortive Corp (NYSE:FTV) reported first-quarter sales growth of 6.1% year-over-year to $1.46 billion, beating the consensus of $1.42 billion.
- Adjusted EPS improved to $0.75 from $0.70, beating the consensus of $0.73.
- CEO James A. Lico, stated, “We had a strong start to the year, delivering better than expected revenues, margins, and earnings in the first quarter.”
- Sales by segments: Intelligent Operating Solutions $632.1 million (+7.6% Y/Y), Precision Technologies $515.5 million (+11.5% Y/Y), and Advanced Healthcare Solutions $313.1 million (-4.1% Y/Y).
- The gross margin expanded by 60 bps to 58.1%. The operating profit increased to $240.4 million.
- Outlook: Fortive raised the low end of its FY23 outlook. The company now expects revenue of $6 billion – $6.10 billion (consensus $6.04 billion) compared to prior guidance of $5.95 billion – $6.10 billion; and adjusted EPS of $3.29 – $3.40 (consensus $3.36), compared to previous guidance of $3.25 – $3.40.
- For the second quarter of 2023, Fortive anticipates revenue of approximately $1.5 billion (Street view $1.51 billion) and adjusted EPS of $0.78 – $0.82 (consensus $0.82).
- Price Action: FTV shares traded lower by 2.56% at $63.65 on the last check Wednesday.
RBC Capital Maintains Sector Perform on EOG Resources, Raises Price Target to $158
RBC Capital analyst Scott Hanold maintains EOG Resources (NYSE:EOG) with a Sector Perform and raises the price target from $155 to $158.
