RALEIGH, N.C. – Vontier Corporation (NYSE:VNT), a global technology firm, reported first-quarter earnings that surpassed analyst expectations, with adjusted EPS of $0.74, $0.04 higher than the $0.70 consensus.
However, the company’s revenue of $756 million was nearly in line with the consensus estimate of $754.71 million, representing a 3% decline from the previous year, while core sales grew by 4%.
President and CEO Mark Morelli highlighted the company’s solid performance, attributing it to strong demand in key growth verticals and the company’s ability to meet customer needs with innovative solutions. “We delivered solid first quarter results, exceeding our profit guidance for the quarter, with continued momentum across the majority of our end markets,” Morelli stated.
Looking ahead, Vontier initiated guidance for the second quarter of 2024 with an adjusted EPS range of $0.67 to $0.71, which is below the analyst consensus of $0.73. The company anticipates Q2 revenue to be between $735 and $750 million, which falls short of the expected $762.2 million.
For the full year 2024, Vontier expects adjusted EPS to be in the range of $3.00 to $3.15, compared to the consensus estimate of $3.12, and forecasts revenue to be between $3.04 and $3.1 billion, slightly below the consensus of $3.12 billion.
The company’s outlook reflects confidence in its ability to create value and deliver on financial commitments, with Morelli expressing optimism about Vontier’s strategic positioning and its Connected Mobility strategy.
While the company’s guidance for the upcoming quarter and fiscal year shows some deviation from analyst expectations, the first-quarter results and the CEO’s positive comments suggest that Vontier is maintaining a steady course in its operations and market strategy.
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