Fortive Corp. Q1 FY2024 results: revenue $1.5 billion, up 4.4% on the year

Fortive Corp. (FTV) reported revenue of $1.5 billion for Q1 FY2024, the quarter ended 29 March 2024, up 4.4% on the same quarter a year earlier. Net income was $207 million, up 19.5% on the year, and diluted earnings per share $0.58. The figures are the company's own, from the 10-Q it filed with the SEC on 24 April 2024.

Revenue$1.5 billionup 4.4%

Net income$207 millionup 19.5%

Diluted EPS$0.58

QuarterQ1 FY2024ended 29 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,524	1,584	n/a	n/a
Cost of revenue	620	636	n/a	n/a
Gross profit	904	948	n/a	n/a
Gross margin	59.3%	59.8%	n/a
Research and development	104	99.2	n/a	n/a
Selling, general and administrative	561	537	n/a	n/a
Operating income	302	311	n/a	n/a
Operating margin	19.8%	19.6%	n/a
Interest expense	44.0	28.5	n/a	n/a
Pre-tax income	234	278	n/a	n/a
Income tax	26.6	12.3	n/a	n/a
Effective tax rate	11.4%	4.4%	n/a
Net income	207	265	n/a	n/a
Net margin	13.6%	16.7%	n/a
Diluted EPS	$0.58	$0.74	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	257	447	n/a	n/a
Capital expenditure	26.4	34.1	n/a	n/a
Free cash flow	230	413	n/a	n/a
Free cash flow margin	15.1%	26.1%	n/a
Depreciation and amortisation	137	n/a	n/a	n/a
Share-based compensation	28.9	28.1	n/a	n/a
Buybacks	0.0	65.0	n/a	n/a
Dividends paid	28.1	28.1	n/a	n/a
Dividend per share	$0.08	$0.08	n/a	n/a
Diluted shares, weighted	356m	356m	n/a	n/a
Shares outstanding at period end	352m	351m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	17,520	16,912	n/a	n/a
Cash and equivalents	705	1,889	n/a	n/a
Receivables	963	961	n/a	n/a
Inventory	581	537	n/a	n/a
Goodwill	10,235	9,122	n/a	n/a
Long-term debt	3,942	3,646	n/a	n/a
Borrowings, as the company tags them	3,957	3,657	n/a	n/a
Operating lease liabilities	n/a	126	n/a	n/a
Shareholders' equity	10,477	10,319	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026
Revenue	1,526	1,494	1,584	1,524	1,552	1,535	1,073	1,474	1,519	1,027	1,122	1,069
Cost of revenue	621	602	636	620	624	613	643	593	623	378	n/a	394
Gross profit	905	893	948	904	928	921	696	881	896	649	709	676
Gross margin	59%	60%	60%	59%	60%	60%	65%	60%	59%	63%	63%	63%
R&D	100	98.4	99.2	104	101	102	107	105	109	62.0	n/a	66.5
SG&A	514	504	537	561	525	524	563	542	564	428	n/a	417
Operating income	291	291	311	302	302	296	212	234	222	160	226	192
Operating margin	19%	19%	20%	20%	19%	19%	20%	16%	15%	16%	20%	18%
Interest expense	33.1	29.8	28.5	44.0	-38.7	-37.1	-121	-32.0	-32.1	-25.4	-31.0	-31.6
Pre-tax income	250	257	278	234	229	232	275	201	192	135	n/a	164
Tax rate	17%	15%	4%	11%	15%	5%	24%	15%	13%	13%	n/a	17%
Net income	209	218	265	207	195	222	209	172	167	55.0	186	136
Net margin	14%	15%	17%	14%	13%	14%	19%	12%	11%	5%	17%	13%
Diluted EPS	$0.59	$0.61	$0.74	$0.58	$0.55	$0.63	$0.60	$0.50	$0.49	$0.16	$0.58	$0.44
Operating cash flow	321	411	447	257	309	459	502	242	311	164	366	235
Capital expenditure	21.0	27.9	34.1	26.4	29.2	21.6	37.0	26.7	36.7	28.6	n/a	26.6
Free cash flow	300	384	413	230	280	437	465	215	274	136	n/a	208
Buybacks	129	78.8	65.0	0.0	153	270	467	203	142	1,001	265	500
Dividends paid	24.6	24.6	28.1	28.1	28.0	27.8	27.3	27.2	27.0	19.2	18.8	18.4
Shares outstanding	352m	351m	351m	352m	350m	347m	341m	340m	338m	318m	313m	306m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 March 2024, filed 24 April 2024, accession 0001659166-24-000108: the filing on EDGAR. All of Fortive Corp.'s filings: EDGAR company page.

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