Wed, Jul 24, 11:48 AM (45 days ago)
Fortive Corporation's Q2 2024 financial report reveals a 1.7% YoY increase in sales to $1,552.4 million, driven by a 2.7% boost from acquisitions and a 1.0% decrease due to unfavorable currency exchange rates. Core revenue remained flat. Operating profit margin improved by 30 basis points to 19.4%, attributed to price increases, productivity gains, and volume growth in the IOS and AHS segments. However, PT segment saw volume declines. Net earnings decreased to $195.1 million from $209.0 million YoY, impacted by a $25.6 million loss from the Invetech Divestiture. Cash flow from operations increased to $565.6 million, while significant cash outflows were noted for acquisitions, particularly the $1.72 billion EA acquisition. The company repurchased 2 million shares for $153 million and paid $56 million in dividends. Fortive anticipates 3-4.5% revenue growth in Q3 2024, with core revenue growth of 2-3.5%. The effective tax rate for the quarter was 14.7%, down from 16.5% YoY.