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Fortive (Baa1/BBB): 1Q24 Results

CAPITAL GOODS

Gain on sale of property may have flattered results here somewhat. Overall neutral for spreads.


• Revenue was close to in line with adj. operating income a touch ahead of consensus.

• FCF came in 19% better than expected at $230mn. Long term debt net of cash increased to $3.2bn from $1.8bn net of cash due to the EA acquisition. 24 consensus EBITDA is $1.8bn.

• FY24 forecast revenue is around 2% below consensus at midpoint with adj. operating profit and FCF in line.

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