WASHINGTON (dpa-AFX) - Fortive Corporation (FTV) Wednesday reported higher profit in the first quarter helped by growth in revenues. Both revenue as well as profit beat analysts' view. The company also raised the low end of its full-year earnings outlook.
The company's profit in the first quarter increased to $173.6 million or $0.49 per share from $165.1 million or $0.45 per share in the year-ago period.
Excluding one-time items, earnings were $267 million or $0.75 per share, that beat the average estimate of 16 analysts polled by Thomson-Reuters of $0.73 per share. Analysts' estimates typically exclude special items.
Quarterly revenue grew to $1.461 billion from $1.377 billion last year. The consensus estimate was for $1.42 billion
For the full year, the company now sees adjusted EPS in the range of $3.29 to $3.40 compared with previous outlook of $3.25-$3.40. Analysts expect earnings of $3.36 per share.
Revenue for the year is expected between $6.0 billion and $6.1 billion. The consensus estimate stands at $6.04 billion.
For the second quarter, the company expects adjusted EPS to be in the range of $0.78 to $0.82. Revenue for the second quarter is expected to be about $1.5 billion.
Analysts expect the company to report earnings of $0.82 per share on revenue of $1.51 billion.
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