(Reuters) – Fortive, whose industrial measurement equipment and software-enabled automation are used in a range of industries, cut its full-year profit forecast on Wednesday due to inflationary pressures and ongoing supply chain snarls.
The company, whose technology is used in industries ranging from hospitals to construction and broadcast to food, now expects full-year earnings per share of $2.30 to $2.33.
It had forecast earningws of $2.38 to $2.44 per share earlier.
Fortive, like its peers Emerson Electric Co and Rockwell Automation, has benefited from companies revamping their facilities as labor gets expensive.
Fortive’s sales rose about 2.6% to $1.49 billion in the third quarter.
However, its net income rose 15% to $218 million, or 61 cents per share, helped by a 220-basis-points increase in operating margins as well as productivity initiatives.
The results come two days after Fortive’s $1.45 billion all-cash deal for German manufacturer EA Elektro-Automatik Holdings GmbH.
(Reporting by Abhinav Parmar and Nathan Gomes in Bengaluru; Editing by Savio D’Souza)
