Veralto Q3 2023 Earnings Report
Key Takeaways
Veralto reported a 3% increase in sales to $1,255 million, with a 1% non-GAAP core sales growth. Net earnings were $205 million, or $0.83 per diluted common share. The company generated $232 million in non-GAAP free cash flow and expects to initiate a quarterly dividend of $0.09 per common share in Q4 2023.
Sales increased 3% year-over-year to $1,255 million, with non-GAAP core sales growth of 1%.
Operating profit margin was 21.8%, and non-GAAP adjusted operating profit margin was 22.4%.
Net earnings were $205 million, or $0.83 per diluted common share.
Non-GAAP adjusted diluted net earnings per common share were $0.75.
Veralto
Veralto
Forward Guidance
For the fourth quarter 2023, the Company anticipates that non-GAAP core sales will be flat to down low-single digits year-over-year. The Company anticipates adjusted operating profit margin in the range of 23.5% to 24.5% and adjusted diluted earnings per share in the range of $0.79 to $0.84.
Challenges Ahead
- Non-GAAP core sales will be flat to down low-single digits year-over-year
- Reduced demand for consumer-packaged goods impacting sales in its Product Quality and Innovation segment
- Continued demand weakness in China