On November 2, 2023, Vontier Corp (VNT, Financial), a global provider of critical technologies and solutions for the mobility ecosystem, announced its Q3 2023 earnings. The company reported a 3% year-over-year decrease in sales, amounting to $765.4 million. Despite the decrease in sales, Vontier Corp (VNT) reported an adjusted diluted net EPS of $0.73, exceeding the prior guide of $0.65 to $0.69.
Financial Highlights
Vontier Corp (VNT, Financial) reported an operating profit of $142.6 million, a 5% decrease compared to the prior year. The operating profit margin decreased by 50 basis points, settling at 18.6%. Adjusted operating profit was reported at $169.1 million, a 14% decrease from the prior year, with an adjusted operating profit margin of 22.1%.
The company's net earnings were $90.6 million, with adjusted net earnings of $113.4 million. This resulted in a diluted net earnings per share of $0.58 and an adjusted diluted net earnings per share of $0.73.
Segment Results
Vontier Corp (VNT, Financial) reported an 8% increase in sales for its Mobility Technologies segment, with a 5% growth in the Repair Solutions segment. However, the Environmental & Fueling Solutions segment reported a 10% decrease in sales. The company also repurchased approximately $12 million shares during the quarter and repaid $75 million in debt.
Outlook
For the full year of 2023, Vontier Corp (VNT, Financial) expects total sales to decrease by low-single digits, with an adjusted operating profit margin decrease of approximately 80 basis points. The company has narrowed its full-year 2023 Adjusted diluted net EPS guidance to $2.83 to $2.87, compared to the prior range of $2.79 to $2.87.
Company Commentary
Mark Morelli, President and Chief Executive Officer, commented on the company's performance,
Vontier delivered another quarter of strong financial performance, exceeding the high end of our guidance range, reflecting solid baseline core revenue growth, operating profit and strong free cash flow."He further added,
Our year-to-date performance, resilient portfolio and constructive end market demand give us confidence to raise our outlook for the full year."
Explore the complete 8-K earnings release (here) from Vontier Corp for further details.
