Shares of Fortive (FTV) tumbled 5.97% during Wednesday’s intraday trading session, as investors reacted to the company’s second-quarter earnings report and forward guidance.
The company posted adjusted earnings per share of $0.74, topping the consensus estimate of $0.71. Revenue came in at $1,096.8 million, also above the expected $1,068 million. However, Fortive’s full-year adjusted earnings outlook of $2.95 to $3.05 per share was only in line with the analyst consensus of $3.00, failing to provide the upside surprise that the market appeared to be hoping for after the strong quarterly beat.
The lack of a guidance raise apparently disappointed investors, triggering the sharp sell-off despite the better-than-expected quarterly performance.
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