(Reuters) – Industrial products maker Fortive raised its annual profit forecast on Wednesday, after steady demand for its automation products and services boosted third-quarter profit above estimates.
Businesses looking to optimize their industrial operations are fueling demand for building technology and benefiting companies such as Fortive that make products to help increase efficiency.
The Everett, Washington-based company now expects annual adjusted earnings per share of $3.84 to $3.87, compared with its previous forecast of $3.80 to $3.86.
However, Fortive trimmed its annual sales forecast to between $6.24 billion and $6.26 billion, from $6.25 billion to $6.30 billion earlier.
On an adjusted basis, the company reported a third-quarter profit of 97 cents per share, compared with analysts’ average estimate of 93 cents per share, according to data compiled by LSEG.
Sales rose nearly 3% from a year earlier to $1.53 billion, but missed estimates of $1.55 billion.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Devika Syamnath)
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