Industrial products maker Fortive cuts full-year sales forecast
July 24 (Reuters) -Fortive FTV.N lowered its annual sales forecast and said it was facing weak demand in its precision technologies business, sending the industrial products maker's shares down 7% on Wednesday.
The company forecast 2024 sales between $6.25 billion and $6.30 billion, down from its previous expectation of $6.35 billion to $6.43 billion.
Fortive's precision technologies unit provides services such as electrical testing and measurement for automotive and medical equipment sectors among others.
Sales at the business fell to $551.8 million in the second quarter from $560.3 million.
Delay in government spending and a slower recovery in end-markets including the European Union and China weighed on the unit's quarterly performance, according to the company.
Higher sales at Fortive's intelligent operating solutions and advanced healthcare solutions units boosted the company's overall sales, which rose 2% to $1.55 billion.
On an adjusted basis, the company earned 93 cents per share, compared with analysts' estimates of 92 cents, according to LSEG data.
Reporting by Anandita Mehrotra in Bengaluru; Editing by Shreya Biswas
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