Fortive Corporation ( FTV ) shares are trading lower after the company reported first-quarter FY24 results.

Revenue grew 4% Y/Y to $1.525 billion, marginally missing the consensus of $1.527 billion.

Sales by segments: Intelligent Operating Solutions $666 million (+5% Y/Y), Precision Technologies $559 million (+3% Y/Y), and Advanced Healthcare Solutions $300 million (+4% Y/Y).

The company’s adjusted operating margin is up 110 basis points Y/Y to 25.1%, driven by substantial gross margin expansion.

Adjusted EPS improved 11% Y/Y to 83 cents, beating the consensus of 79 cents.

The company reported an operating cash flow of $257 million and a free cash flow of $230 million (up 54%) in the quarter.

“Our results in the first quarter once again reflect the resiliency and strength of our differentiated portfolio of businesses. All three segments performed ahead of expectations on core growth, margins, earnings growth, and free cash flow, all enabled by the strength and rigorous application of the Fortive Business System (FBS),” said James A. Lico, President and CEO.

Dividend: Fortiv declared a quarterly cash dividend per share of $0.08, payable on June 28, 2024, to stockholders of record on May 31, 2024.

Outlook: For FY24, Fortive ( FTV ) lowered its revenue forecast from $6.4 billion-$6.5 billion to $6.35 billion-$6.43 billion (versus a consensus of $6.48 billion).

Adjusted EPS raised from $3.73-$3.85 to $3.77-$3.86 versus the consensus of $3.80.

For the second quarter of FY24, Fortive ( FTV ) anticipates revenue of approximately $1.6 billion (consensus: $1.62 billion) and adjusted EPS of $0.90-$0.93 (consensus $0.94).

Investors can gain exposure to the stock via Brookstone Intermediate Bond ETF Brookstone Growth Stock ETF  and Pacer US Cash Cows Growth ETF ( BUL ) .

Price Action: FTV shares are trading lower by 7.24% at $74.86 at the last check Wednesday.