Fortive Corporation reported a total revenue of $6.23 billion for the fiscal year ended December 31, 2024, marking a 2.7% increase from $6.07 billion in 2023. The company's operating profit rose to $1.21 billion, up from $1.13 billion the previous year, resulting in an operating profit margin of 19.4%, an increase of 70 basis points compared to 18.7% in 2023. Net earnings for 2024 were $832.9 million, or $2.36 per diluted share, down from $865.8 million, or $2.43 per diluted share, in 2023. The decline in net earnings was attributed to increased interest expenses and losses from divestitures, including a $25.6 million loss related to the divestiture of Invetech.
The company experienced a core revenue growth of 1.3%, driven by a 2.7% increase in pricing, although this was partially offset by a 1.4% decline in volume. Geographically, core revenue in developed markets grew modestly, with North America showing low single-digit growth, while Western Europe experienced a slight decline. In contrast, high-growth markets saw a slight increase, primarily due to double-digit growth in Latin America, despite a decline in Asia, particularly in China.
Strategically, Fortive announced plans to separate its Precision Technologies segment into an independent publicly traded company named Ralliant, targeting completion in early Q3 2025. This separation aims to create two distinct entities: one focused on technology solutions under the Fortive name and another on precision instruments and engineered products. The company also made a significant acquisition in January 2024, acquiring EA Elektro-Automatik Holding GmbH for approximately $1.72 billion, enhancing its portfolio in high-power electronic test solutions.
Operationally, Fortive's workforce exceeded 18,000 employees across more than 50 countries. The company reported a total of 340.3 million shares outstanding as of February 21, 2025, with a market value of approximately $25.9 billion. The company’s share repurchase program remains active, with 12 million shares repurchased in 2024 at an average price of $73.93. Looking ahead, Fortive anticipates sales growth for 2025 to be between flat and 2%, with core revenue growth projected at approximately 1.5% to 3.5%. The company remains focused on managing challenges related to geopolitical developments, inflation, and market conditions while leveraging its Fortive Business System to drive operational efficiency.
About Fortive Corp
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