- Fortive Corp (NYSE:FTV) reported second-quarter sales growth of 10.9% year-over-year to $1.46 billion and core sales +9%, beating the consensus of $1.40 billion.
- Adjusted EPS improved to $0.78 from $0.66 in 2Q21, beating the consensus of $0.72.
- The company saw continued robust orders and software annual recurring revenue growth, reflecting its solid positions in critical industrial workflow solutions and diversified product portfolio.
- Sales by segments: Intelligent Operating Solutions $630.1 million (+16.3% Y/Y), Precision Technologies $499.1 million (+5.8% Y/Y), and Advanced Healthcare Solutions $334.1 million (+9.2% Y/Y).
- The gross margin contracted by 29 bps to 56.9%. The operating profit increased by 9.9% Y/Y to $232.3 million, and the margin contracted by 15 bps to 15.9%.
- Fortive generated cash from operating activities year-to-date of $509.2 million, compared to $424.3 million a year ago. It has cash and cash equivalents of $682.9 million as of July 1, 2022.
- 3Q22 Outlook: Fortive anticipates revenue of $1.43 billion – $1.46 billion vs. a consensus of $1.45 billion; and adjusted EPS of $0.74 – $0.77 vs. the consensus of $0.77.
- FY22 Outlook: Fortive expects revenue of $5.78 billion – $5.83 billion (consensus $5.79 billion) compared to prior guidance of $5.77 billion – $5.88 billion; and adjusted EPS of $3.07 – $3.13 (consensus $3.08), compared to previous guidance of $3.04 – $3.13.
- Price Action: FTV shares traded higher by 5.18% at $62.58 on the last check Thursday.
Brady Corporation Earlier Announced It Entered Into An Agreement To Sell Its Premisys Software And Hardware Assets To SGI Matrix For Approximately $8M At Closing, Plus $1M To Be Paid On Twelve- Month Anniversary Of Closing
On February 27, 2023, Brady Corporation (the "Company") entered into an agreement to sell its PremiSys® software and hardware assets to SGI Matrix, LLC, an affiliate of ACRE Operating Group, LLC, for approximately $8 million to be paid at time of closing, with an additional $1 million to be paid as deferred purchase price on the twelve-month anniversary of the closing.On February 27, 2023, Brady C
