Q3 2024 Fortive Corp Earnings Call Transcript
Key Points
- Fortive Corp (FTV) delivered strong third-quarter results with 14% adjusted EPS growth and 12% free cash flow growth on 3% revenue growth.
- The company reported double-digit orders growth in its Precision Technologies segment, indicating positive momentum.
- Advanced Healthcare Solutions expanded adjusted operating margins by over 300 basis points on 8% revenue growth, driven by strong capital and equipment sales.
- Fortive Corp (FTV) accelerated its share repurchase program, buying back approximately 4 million shares in the third quarter.
- The company is on track with its plan to spin off the Precision Technologies segment, which is expected to enhance shareholder value.
- Revenue in the Precision Technologies segment was flat with a core decline of almost 4%, indicating challenges in this area.
- The company experienced shipment delays, shifting approximately $15 million in shipments out of the quarter.
- There were customer spending delays, particularly among Gordian state and local customers facing budget and macroeconomic uncertainties.
- Growth in Asia was impacted by weak demand in China, with revenue down high single digits in the region.
- Fortive Corp (FTV) anticipates ongoing geopolitical and macro uncertainties, which could affect future performance.
My name is Brock, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's Third Quarter 2024 Earnings Results Conference Call.
(Operator Instructions)
I would now like to turn the call over to Ms. Elena Rosman, Vice President of Investor Relations. Ms. Rosman, you may begin.
Thank you, Brock, and thank you, everyone, for joining us on today's call. With us today are Jim Lico, our President and Chief Executive Officer; and Chuck McLaughlin, our Senior Vice President and Chief Financial Officer. We present certain non-GAAP financial measures on today's call. Information required by Regulation G is available on the Investors section of our website at fortive.com. Our statements on period-to-period increases or decreases refer to year-over-year comparisons unless otherwise specified.
During the call, we will make forward-looking statements, including statements regarding events or developments that we expect or
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