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Jun 28, 2024
Vontier Q2 2024 Earnings Report
Vontier's Q2 2024 performance was impacted by delayed customer project timing and reduced discretionary spending, leading to a sales decline. However, the company is confident in its strategic positioning and long-term growth potential.
Key Takeaways
Vontier Corporation reported a 9% year-over-year decline in sales to $696.4 million, with core sales down 3%. GAAP diluted net EPS was $0.45, and adjusted diluted net EPS was $0.63. The company lowered its full-year 2024 outlook and initiated Q3 2024 guidance, while also announcing an intent to execute an Accelerated Share Repurchase Plan.
Sales decreased by 9% year-over-year to $696 million, with a 3% decline in core sales.
GAAP diluted net EPS stood at $0.45, while adjusted diluted net EPS reached $0.63.
Operating cash flow amounted to $46 million, and adjusted free cash flow was $26 million, representing a 27% adjusted free cash flow conversion.
The company lowered its full-year 2024 outlook and introduced Q3 2024 guidance.
Revenue by Segment
Forward Guidance
Vontier provided the following guidance for Q3 2024: Total sales $715 to $740 million; Core sales (2%) to +2%; Adjusted operating profit margin down 80 to 110 basis points year-over-year; Adjusted diluted net earnings per share in the range of $0.67 to $0.71. For full year 2024: Total sales $2,900 to $3,000 million; Core sales (1%) to +3%; Adjusted operating profit margin flat to up 50 basis points year-over-year; Adjusted diluted net earnings per share in the range of $2.80 to $3.00; Adjusted free cash flow conversion of ~90%
Positive Outlook
- Total sales $715 to $740 million
- Core sales (2%) to +2%
- Adjusted operating profit margin down 80 to 110 basis points year-over-year
- Adjusted diluted net earnings per share in the range of $0.67 to $0.71
- Adjusted free cash flow conversion of ~90%
Challenges Ahead
- The company is lowering its 2024 outlook to reflect slower market growth in the second half
- Adjusted operating profit margin down 80 to 110 basis points year-over-year
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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