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Mar 31, 2023
Vontier Q1 2023 Earnings Report
Vontier reported strong first quarter results, exceeding expectations and raising full year guidance.
Key Takeaways
Vontier Corporation reported a 3.8% year-over-year increase in sales to $776.4 million, driven by a 3.9% increase in core sales. GAAP diluted EPS was $0.53, while adjusted diluted net EPS was $0.68. The company is raising its full-year adjusted diluted net EPS guidance to $2.77 to $2.87.
Sales of $776 million, up 4% vs. prior year; Core sales growth of 4%.
GAAP diluted EPS of $0.53.
Adjusted diluted net EPS of $0.68 vs. prior guide of $0.57 to $0.62.
Adjusted Free Cash Flow was $78 million, representing 73% Adjusted Free Cash Flow Conversion
Vontier
Vontier
Forward Guidance
Vontier is initiating Q2 2023 guidance for Adjusted diluted net EPS of $0.61 to $0.66 and increasing full-year 2023 Adjusted diluted net EPS guidance to $2.77 to $2.87.
Positive Outlook
- Adjusted diluted EPS in the range of $2.77 to $2.87, compares to the prior range of $2.73 to $2.83, or $2.68 to $2.78 excluding a $0.05 contribution from GTT, following the divestiture
- Adjusted free cash flow conversion of ~90-100%
- Baseline core sales growth of mid-single digits
- Adjusted diluted EPS $0.61 to $0.66 for Q2 2023
- Baseline core sales growth of mid-single digits for Q2 2023
Challenges Ahead
- Total sales down low-to-mid-single digits for full year 2023
- Core sales down low-to-mid-single digits for full year 2023
- Adjusted operating profit margin down 60 to 80 basis points for full year 2023
- Total sales down mid-single digits for Q2 2023
- Core sales down low-to-mid-single digits for Q2 2023