Fortive surpasses quarterly expectations amid strong demand in industrial automation

April 30 (Reuters) - Industrial products maker Fortive FTV.N beat Wall Street estimates for first-quarter profit and revenue on Thursday, helped by steady demand at its industrial automation unit.

A growing number of businesses are investing heavily in optimizing their industrial operations, which has fueled the demand for building technology, benefiting companies such as Fortive.

• The company reported first-quarter adjusted profit of 70 cents per share, compared with 55 cents per share a year ago. Analysts, on average, were expecting 64 cents per share.

• The Washington-based company, which makes industrial measurement equipment and software-enabled automation for various industries, posted first-quarter revenue of $1.07 billion, above analysts' estimates of $1.04 billion.

• The company reaffirmed its annual adjusted earnings forecast of $2.90 to $3.00 per share, the midpoint is slightly lower than estimates of $2.96, according to data compiled by LSEG.