Why Industrial Conglomerate Fortive's Shares Are Sliding Today
Portfolio Pulse from Nabaparna Bhattacharya
Fortive Corporation (NYSE:FTV) reported Q3 2023 revenue growth of 2.6% year-over-year to $1.495 billion, missing the consensus of $1.518 billion. The company's adjusted EPS improved 8% Y/Y to $0.85, in line with the consensus. However, the company revised its FY23 revenue and adjusted EPS outlook, which are now below the consensus. Following the announcement, FTV shares are trading lower by 6.02%.
October 25, 2023 | 3:41 pm
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Fortive's Q3 2023 revenue missed the consensus and the company revised its FY23 outlook below the consensus, leading to a drop in its share price.
Fortive's Q3 2023 revenue missed the consensus, which is a negative signal for investors. Additionally, the company revised its FY23 revenue and EPS outlook below the consensus, which could further dampen investor sentiment. This is likely the reason for the 6.02% drop in its share price.
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