Fortive reported an adjusted profit of 90 cents per share, comfortably beating the 84 cents projected by analysts polled by FactSet. While total net income slipped to $185.7 million from $208.8 million in the prior year, top-line growth remained steady. Sales for the quarter climbed to $1.12 billion, up from $1.07 billion during the same period last year.
The market's positive response drove shares to $60 during morning trading, a significant single-day recovery. The rally follows a difficult period for the industrial tech specialist, whose stock price has retreated roughly 26% over the last 12 months prior to this latest report.
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