(Reuters) -Fortive on Wednesday raised its annual profit forecast, after beating third-quarter sales and profit estimates on robust demand for its industrial automation software technology, sending its shares up about 10%. The industrial equipment maker’s intelligent operating solutions segment, which also saw strength in demand for professional instrumentation and gas detection tools, posted a 2.6% […]
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Fortive raises annual profit forecast on strong software demand
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(Reuters) -Fortive on Wednesday raised its annual profit forecast, after beating third-quarter sales and profit estimates on robust demand for its industrial automation software technology, sending its shares up about 10%.
The industrial equipment maker’s intelligent operating solutions segment, which also saw strength in demand for professional instrumentation and gas detection tools, posted a 2.6% rise in quarterly revenue to $699 million.
The segment makes software such as Accruent, Gordian and ServiceChannel, used to manage workflows such as maintenance and repair of properties and asset tracking.
The company expects annual adjusted earnings in the range of $2.63 to $2.67 per share, compared with its prior forecast of $2.50 to $2.60 per share.
Fortive’s third-quarter adjusted profit came in at 68 cents per share, beating analysts’ average estimate of 57 cents per share, according to data compiled by LSEG.
Its quarterly sales rose 2.3% to $1.03 billion from a year ago, compared with expectations of $1.01 billion.
(Reporting by Anshuman Tripathy and Parth Chandna in Bengaluru; Editing by Shreya Biswas)