FTV - Fortive Corporation (FTV) Q1 2024 Earnings Call Transcript

2024-04-24 16:43:07 ET

Fortive Corporation (FTV)

Q1 2024 Results Conference Call

April 24, 2024 12:00 PM ET

Company Participants

Elena Rosman - Vice President of Investor Relations

Jim Lico - President and Chief Executive Officer

Chuck McLaughlin - Senior Vice President and Chief Financial Officer

Conference Call Participants

Julian Mitchell - Barclays

Jeff Sprague - Vertical Research Partners

Jamie Cook - Truist Securities

Scott Davis - Melius Research

Deane Dray - RBC Capital Markets

Steve Tusa - JPMorgan

Andy Kaplowitz - Citigroup

Nigel Coe - Wolfe Research

Joe O'Dea - Wells Fargo

Joe Giordano - TD Cowen

Andrew Buscaglia - BNP Paribas

Presentation

Operator

Good day. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to Fortive Corporation's First Quarter 2024 Earnings Results Conference Call [Operator Instructions].

I would now like to turn the conference over to Ms. Elena Rosman, Vice President of Investor Relations. Ms. Rosman, you may begin your conference.

Elena Rosman

Thank you, Dennis. And thank you, everyone, for joining us on today's call. With us today are Jim Lico, our President and Chief Executive Officer; and Chuck McLaughlin, our Senior Vice President and Chief Financial Officer. We present certain non-GAAP financial measures on today's call. Information required by Regulation G is available on the Investors section of our Web site at fortive.com. Our statements on period-to-period increases or decreases refer to year-over-year comparisons unless otherwise specified. During the call, we will make forward-looking statements, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and actual results may differ materially from any forward-looking statements that we make today. Information regarding these risk factors is available in our SEC filings, including our annual report on Form 10-K for the year ended December 31, 2023. These forward-looking statements speak only as of the date that they are made and we do not assume any obligation to update any forward-looking statements. With that, I'd like to turn the call over to Jim.

Jim Lico

Thanks, Elena. Hello, everyone, and thank you for joining us. I'll begin on Slide 3. We have strong start to the year, exceeding our expectations for core revenue growth, margin expansion, earnings and free cash flow in the first quarter. Our strategy to enhance our customers' safety and productivity across a number of vital sectors from manufacturing to healthcare is delivering more value for customers and more durable growth for Fortive. We delivered better than expected performance in each of our three segments, reflecting enhanced portfolio positions, the benefit of innovative new products and our dedication to the Fortive Business System. By harnessing our unique competitive advantages and strong execution capabilities, we are confident in our raised outlook for the year, which includes anticipated double digit adjusted earnings and free cash flow growth. As we look ahead, the success of our strategy is reflected in faster and more profitable through cycle growth, which combined with the rigorous application of a differentiated business system delivers supportive formula for value creation by compounding results year-after-year....

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