Fortive Corp. on Oct. 5 announced that management now expects Fortive’s third-quarter total revenue to increase roughly 2% on a year-over-year basis. This is above the guidance provided Sept. 9 and is based on preliminary financial results for the period.
The company’s Industrial Technologies segment is expected to report a total revenue increase of approximately 4.5%. This compares to management’s previous guidance calling for a low-single-digit increase or better.
Fortive’s Industrial Technologies unit supplies high-tech equipment, components, software and services to the manufacturing, transportation and repair markets worldwide. It includes the franchise distribution businesses Matco and Hennessy.
Additionally, management expects positive year-over-year growth in Fortive’s operating profit and adjusted operating profit for the total company and for both segments in the third quarter 2020.
Everett, WA-based Fortive on Oct. 9 spun off its transportation- and mobility market-focused businesses into a new company, Vontier Corp. The new, publicly-traded Vontier will be comprised mainly of Matco, Hennessy, Gilbarco Veeder-Root and Teletrac Navman.