Fortive Corporation reported its financial results for the third quarter and the nine months ended September 27, 2024, showcasing a solid performance with notable revenue growth and strategic developments. Total sales for Q3 2024 reached $1,534.6 million, a 2.7% increase from $1,494.5 million in Q3 2023. Year-to-date sales also rose to $4,611.5 million, up from $4,481.6 million in the same period last year. The growth was driven by a 1.1% increase in core revenue and a 1.6% contribution from acquisitions, despite a volume decline of 1.8%.
Gross profit for Q3 2024 was $921.3 million, compared to $893.0 million in Q3 2023, while operating profit increased to $295.5 million from $291.1 million. Net earnings for the quarter were $221.6 million, slightly up from $218.0 million in the prior year. For the nine-month period, net earnings rose to $624.1 million from $600.6 million, reflecting a year-to-date basic net earnings per share of $1.78, compared to $1.70 in 2023.
The company’s strategic initiatives included the acquisition of EA Elektro-Automatik Holding GmbH for approximately $1.72 billion, which contributed significantly to goodwill, now totaling $10,322.3 million. Additionally, Fortive announced plans on September 4, 2024, to separate into two independent publicly traded companies by Q4 2025, with one entity focusing on Intelligent Operating Solutions (IOS) and Advanced Healthcare Solutions (AHS), and the other on Precision Technologies (PT).
Fortive's financial position showed total current assets of $2,635.2 million as of September 27, 2024, down from $3,671.6 million at the end of 2023, primarily due to a decrease in cash and equivalents, which fell to $811.3 million from $1,888.8 million. Total liabilities increased to $2,100.8 million from $1,791.3 million, while stockholders’ equity rose to $10,554.9 million from $10,318.9 million.
The company faced challenges, including foreign currency transaction losses of $59.7 million in Q3 2024, compared to gains of $9.6 million in Q3 2023. Operating profit margins for Q3 2024 were 19.3%, a slight decrease from 19.5% in the previous year, influenced by various factors including pricing and volume dynamics.
Overall, Fortive's performance reflects a combination of strategic growth through acquisitions, a focus on operational efficiency, and a proactive approach to market challenges.
About Fortive Corp
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