Fortive Lowers Full-Year Profit Forecast Following Q3 Earnings Shortfall

Inflationary pressures and supply chain issues trigger profit forecast cut, despite a 15% rise in Q3 net income and a 2.6% increase in sales for the industrial technology firm.

Fortive cut its full-year profit forecast to earnings per share of $2.30 to $2.33 from a previous range of $2.38 to $2.44.
The company cited inflationary pressures and ongoing supply chain issues as reasons for the revised forecast.
Despite this, Fortive saw Q3 sales increase by around 2.6%, resulting in a turnover of $1.49 billion for the quarter.
Fortive's net income rose by 15% in Q3 to $218 million, due in part to improved operating margins and a range of productivity measures.
Going forward, Fortive expects per-share earnings of 92 cents to 95 cents for the current quarter ending in December, and full-year earnings ranging from $3.37 to $3.40 per share.