April 24 - Industrial products maker Fortive ( FTV )

raised its annual profit forecast on Wednesday as benefiting

from companies increasing their spending on automation amid a

tight labor market.

Businesses throughout North America are overhauling and

automating their operations to boost efficiency amid escalating

labor costs.

The Everett, Washington-based company now expects 2024

adjusted earnings per share in the range of $3.77 to $3.86,

compared with its previous forecast of $3.73 to $3.85.

"We are confident in our raised outlook for the year,

continuing our track record of compounding earnings and free

cash flow growth by double-digits in 2024," CEO James Lico said

in a statement.

Fortive ( FTV ) reported an adjusted profit of 83 cents per share,

compared with analysts' average estimate of 79 cents per share.

Quarterly sales for the company, whose industrial

measurement equipment and software-enabled automation are used

in various industries ranging from hospitals to construction and

broadcast to food, rose 4.4% to $1.52 billion.