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Dec 31, 2023
Vontier Q4 2023 Earnings Report
Vontier reported a 10% decrease in sales, with core sales down 7%, but demonstrated strength in segments like Mobility Technologies and Repair Solutions.
Key Takeaways
Vontier Corporation reported Q4 2023 results, with sales of $789 million, a 10% decrease year-over-year. GAAP diluted net EPS was $0.68, and adjusted diluted net EPS was $0.80, exceeding prior guidance. The company highlighted progress in its Connected Mobility strategy and operational excellence.
Sales decreased by 10% compared to the prior year, with core sales down 7%.
GAAP diluted net EPS was $0.68, while adjusted diluted net EPS was $0.80, surpassing previous guidance.
Operating cash flow reached $165 million, and adjusted free cash flow was $153 million, representing a 122% adjusted free cash flow conversion.
The company repurchased approximately $13 million in shares and repaid $60 million in debt during the quarter.
Vontier
Vontier
Vontier Revenue by Segment
Revenue by Segment
Mobility Technologies Revenue
CapyFin.comRepair Solutions Revenue
CapyFin.com Forward Guidance
Vontier initiated full year 2024 guidance for Adjusted diluted net EPS of $3.00 to $3.15 and Q1 2024 guidance for Adjusted diluted net EPS of $0.68 to $0.72.
Positive Outlook
- Total sales $3,050 to $3,110 million.
- Core sales growth +4 to 6%.
- Adjusted operating profit margin +80 to 110 basis point expansion year-over-year.
- Adjusted diluted net EPS in the range of $3.00 to $3.15.
- Adjusted free cash flow conversion of ~90 to 100%.
Challenges Ahead
- Total sales $745 to $760 million for Q1 2024.
- Core sales growth +2 to 4% for Q1 2024.
- Adjusted operating profit margin expansion of 40 to 80 basis points year-over-year for Q1 2024.
- Adjusted diluted net EPS of $0.68 to $0.72 for Q1 2024.
- The company expects the sunset of EMV-related sales to negatively impact revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income