July 29 (Reuters) – Fortive raised its 2026 adjusted profit forecast on Wednesday, helped by resilient demand for its industrial automation unit.
A growing number of businesses investing heavily into optimizing their industrial operations has fueled demand for building technology, benefiting companies such as Fortive.
Fortive makes industrial measurement equipment and software-enabled automation used in various industries.
Here are some more details:
• The Everett, Washington-based company expects annual adjusted earnings in the range of $2.95 to $3.05 per share, compared with its prior forecast of $2.90 to $3.00 per share.
• Analysts on an average expected $3 per share, according to data compiled by LSEG.
• It reported adjusted profit of 74 cents per share for the quarter ended July 3, beating analysts’ estimate of 71 cents apiece.
• Revenue for the second quarter rose about 8% to $1.1 billion from a year earlier, compared with Wall Street estimates of $1.07 billion.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Devika Syamnath)
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