Fourth Quarter 2024 Earnings Release February 7, 2025 Forward Looking Statements & Non-GAAP Financial Measures Statements in this presentation that are not strictly historical, including statements regarding anticipated financial results, global and regional economic conditions, industry trends, geopolitical events, our plans to separate into two independent, publicly-traded companies, including the timing and cost related to the planned separation, interest rate and current exchange rate impact, future pro ...

Core Insights - Fortive (FTV) reported revenue of $1.62 billion for Q4 2024, a year-over-year increase of 2.3%, with an EPS of $1.17 compared to $0.98 a year ago [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $1.63 billion, resulting in a revenue surprise of -0.49%, while the EPS exceeded expectations by +4.46% [1] Financial Performance Metrics - Sales in Intelligent Operating Solutions reached $710.80 million, exceeding the estimated $697.56 million, reflecting a year-over-year increase of +4.1% [4] - Sales in Advanced Healthcare Solutions were $341.80 million, below the estimated $352.61 million, showing a year-over-year decline of -2.8% [4] - Sales in Precision Technologies amounted to $567.70 million, slightly below the estimated $578.15 million, with a year-over-year increase of +3.4% [4] Operating Profit Analysis - Operating profit for Precision Technologies was reported at $113.60 million, below the average estimate of $142.50 million [4] - Operating profit for Intelligent Operating Solutions was $199.60 million, exceeding the average estimate of $184.54 million [4] - Operating profit for Advanced Healthcare Solutions was $46.90 million, slightly below the average estimate of $47.69 million [4] Adjusted Operating Profit - Adjusted operating profit (Non-GAAP) for Advanced Healthcare Solutions was $93.10 million, below the average estimate of $97.89 million [4] - Adjusted operating profit (Non-GAAP) for Intelligent Operating Solutions was $256.40 million, exceeding the average estimate of $244.04 million [4] - Adjusted operating profit (Non-GAAP) for Precision Technologies was $147.40 million, below the average estimate of $157.25 million [4] Stock Performance - Fortive's shares have returned +4% over the past month, outperforming the Zacks S&P 500 composite's +1.9% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Earnings Performance - Fortive reported quarterly earnings of $1.17 per share, exceeding the Zacks Consensus Estimate of $1.12 per share, and up from $0.98 per share a year ago, representing an earnings surprise of 4.46% [1] - Over the last four quarters, the company has consistently surpassed consensus EPS estimates [2] Revenue Analysis - The company posted revenues of $1.62 billion for the quarter ended December 2024, which was 0.49% below the Zacks Consensus Estimate, but an increase from $1.58 billion year-over-year [2] - Fortive has not been able to beat consensus revenue estimates over the last four quarters [2] Stock Performance and Outlook - Fortive shares have increased approximately 6.5% since the beginning of the year, outperforming the S&P 500's gain of 3.4% [3] - The company's earnings outlook will be crucial for future stock movements, with current consensus EPS estimates at $0.91 for the coming quarter and $4.10 for the current fiscal year [4][7] Industry Context - The Electronics - Testing Equipment industry, to which Fortive belongs, is currently ranked in the bottom 31% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Fortive's stock may be influenced by the overall industry outlook, as top-ranked industries tend to outperform lower-ranked ones significantly [8]

Financial Performance - Fourth quarter net earnings were $209 million, with adjusted net earnings of $406 million, and diluted net earnings per share of $0.60, up 19% year-over-year[2][4]. - Revenues for the fourth quarter increased 2% year-over-year to $1.62 billion, with 2% core revenue growth; full year revenues increased 3% to $6.23 billion, including 1% core revenue growth[3][4]. - Operating profit for the total company was $307.1 million, slightly down from $310.9 million year-over-year, resulting in an operating margin of 19.0% compared to 19.6%[18]. - Core revenue growth for the year ended December 31, 2024, was 1.3%, with total revenue growth (GAAP) at 2.7%[50]. - Net earnings for the year ended December 31, 2024, were $832.9 million, with diluted net earnings per share of $2.36[48]. Cash Flow and Assets - The company reported operating cash flow of $502 million and free cash flow of $465 million for Q4 2024, representing a 13% year-over-year increase[4]. - Net cash provided by operating activities for the year ended December 31, 2024, was $1,526.8 million, compared to $1,353.6 million in 2023[24]. - Free cash flow for the year ended December 31, 2024, was $1,406.4 million, reflecting a 12.9% increase from the previous year[51]. - Cash and equivalents decreased to $813.3 million as of December 31, 2024, down from $1,888.8 million in 2023[22]. - Total assets increased to $17,016.1 million in 2024 from $16,911.8 million in 2023, driven by an increase in goodwill to $10,156.0 million[22]. Future Projections - For the first quarter of 2025, Fortive anticipates revenue of $1.48 billion to $1.51 billion, with diluted net earnings per share of $0.39 to $0.42 and adjusted diluted net earnings per share of $0.83 to $0.86[4][5]. - Fortive expects GAAP diluted EPS for 2025 to be between $2.38 and $2.50, reflecting a year-over-year increase of 1% to 6%; adjusted diluted EPS is expected to be between $4.00 and $4.12, a year-over-year increase of 3% to 6%[4][5]. - Forecasted Adjusted Diluted Net Earnings Per Share (Non-GAAP) for the three months ending March 28, 2025, is projected to be between $0.83 and $0.86[52]. - Forecasted Adjusted Diluted Net Earnings Per Share (Non-GAAP) for the twelve months ending December 31, 2025, is projected to be between $4.00 and $4.12[52]. Strategic Initiatives - The separation of the Precision Technologies segment is progressing well, with an expected completion in early Q3 2025[4][7]. - The planned separation is intended to qualify as a tax-free spin-off for Fortive shareholders for U.S. federal income tax purposes[7]. - The company initiated a discrete restructuring plan expected to be completed by December 31, 2025, with related charges adjusted in the fourth quarter of 2024[37]. Operational Highlights - Strong order growth was observed across all segments, with double-digit orders growth for the Precision Technologies segment for the second consecutive quarter[4]. - The company highlighted robust margin expansion and record cash flow in 2024, driven by strong execution and FBS-driven innovation[4]. - Intelligent Operating Solutions segment reported sales of $710.8 million, up 4.9% from $682.7 million in the prior year, with an operating margin increase to 28.1% from 25.9%[18]. - Advanced Healthcare Solutions segment achieved sales of $341.8 million, a 3.9% increase from $331.2 million, with operating margins improving to 13.7% from 10.8%[18]. Shareholder Returns - The company repurchased common shares totaling $889.6 million during the year, reflecting a strategic focus on returning value to shareholders[24]. - A charitable donation of $20 million was pledged to the Fortive Foundation, with a corresponding expense recorded in the Consolidated Statements of Earnings[35]. Tax and Expenses - The company recorded a net loss from divestiture of $25.6 million during the year, impacting overall profitability[24]. - Discrete tax expenses resulting from the Separation of NewCo amounted to $65.6 million for the year ended December 31, 2024[38]. - The company recorded a non-cash tax benefit due to revaluation of deferred tax assets in Switzerland, impacting tax expenses[39]. - Anticipated pretax acquisition, divestiture, and separation-related items are estimated at $0.11 for the three months and $0.40 for the twelve months[52].

Financial Results - Fortive Corporation is set to release its fourth-quarter financial results on February 7, 2025, before the market opens [1] - Analysts anticipate quarterly earnings of $1.12 per share, an increase from $0.98 per share in the same period last year [1] - The company projects quarterly revenue of $1.63 billion, compared to $1.58 billion a year earlier [1] Leadership Changes - On January 29, 2025, Fortive announced the appointment of Sharmistha "Shar" Dubey as the Chair of the Board [2] Stock Performance and Analyst Ratings - Fortive shares closed at $79.84, reflecting a gain of 0.4% [3] - JP Morgan analyst Stephen Tusa maintained an Overweight rating but reduced the price target from $92 to $90 [4] - Barclays analyst Julian Mitchell also maintained an Overweight rating, lowering the price target from $95 to $90 [4] - Wells Fargo analyst Joseph O'Dea maintained an Equal-Weight rating and raised the price target from $77 to $80 [4] - Truist Securities analyst Jamie Cook maintained a Buy rating and increased the price target from $89 to $90 [4] - Citigroup analyst Andrew Kaplowitz downgraded the stock from Buy to Neutral, cutting the price target from $92 to $86 [4]

Core Viewpoint - Analysts project that Fortive (FTV) will report quarterly earnings of $1.12 per share, reflecting a year-over-year increase of 14.3% and revenues of $1.63 billion, up 2.8% from the same quarter last year [1] Earnings Projections - The consensus EPS estimate has been revised 1.9% lower over the last 30 days, indicating a collective reevaluation by analysts [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong link between earnings estimate trends and short-term stock price movements [3] Key Metrics Forecast - Analysts project 'Sales- Intelligent Operating Solutions' to reach $697.56 million, indicating a year-over-year change of +2.2% [5] - 'Sales- Advanced Healthcare Solutions' is estimated at $352.61 million, reflecting a +0.3% change year-over-year [5] - 'Sales- Precision Technologies' is forecasted to reach $578.15 million, showing a +5.3% change from the prior-year quarter [5] Adjusted Operating Profit Estimates - 'Adjusted Operating Profit (Non-GAAP)- Advanced Healthcare Solutions' is expected to be $97.89 million, compared to $90.30 million in the same quarter last year [6] - 'Adjusted Operating Profit (Non-GAAP)- Intelligent Operating Solutions' is projected at $244.04 million, up from $233.40 million year-over-year [6] - The average prediction for 'Adjusted Operating Profit (Non-GAAP)- Precision Technologies' is $157.25 million, slightly down from $159.40 million reported in the same quarter of the previous year [7] Stock Performance - Over the past month, Fortive shares have returned +4.9%, outperforming the Zacks S&P 500 composite's +1% change [7] - Currently, Fortive carries a Zacks Rank 4 (Sell), suggesting potential underperformance in the near future [7]

The Board of Foresight VCT Plc (the “Company”) is pleased to announce the successful sale of portfolio company Hospital Services Group Limited (“HSL”), a leading healthcare equipment distributor and service provider operating in Ireland, Northern Ireland and Great Britain. The transaction generated proceeds of £26.2 million at completion with potential for a further up to £1.0 million over the coming years, implying a return and IRR of up to 8.5 times the original investment and 25.7% respectively. Prior t ...

Group 1 - The Company has published a prospectus on 10 December 2024, offering a subscription of up to £20 million with an over-allotment facility for an additional £5 million through the issuance of a maximum of 50 million ordinary shares [2] - The Offer has been oversubscribed based on the applications received, assuming all applications are accepted [4] - Applications will be accepted on a first-come, first-served basis, and those received after 20 December 2024 may have their subscriptions returned [1][3]

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It has been about a month since the last earnings report for Fortive (FTV) . Shares have added about 11.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Fortive due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Fortive Q3 Earnings Beat EstimatesFortive reported thir ...