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Veralto 8-K Report, Financial Results (Oct 23, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 23, 2024
Period End
October 23, 2024
Security
VLTO
In the record · 2023–202610-K310-Q108-K28

VLTO filed 3 annual reports (10-K), 10 quarterly reports (10-Q) and 28 current reports (8-K) between 2023 and 2026.

  1. Leadership change8-K · Dec ’23Dec ’23
  2. Material agreement8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed October 23, 2024. Cited figures are marked; the original filing is the authoritative source.

Veralto Corporation (NYSE: VLTO) reported third quarter 2024 results for the quarter ended September 27, 2024, as furnished in Exhibit 99.1 under Item 2.02 of Form 8-K.

Sales rose 4.7% year-over-year to $1,314 milliona, with non-GAAP core sales growth of 4.6%. Net earnings were $219 million, or $0.88 per diluted share, versus $205 million, or $0.83 per diluted share, a year earlier. Adjusted net earnings were $223 million, or $0.89 per diluted share, and adjusted operating profit margin was 24.1%.

Operating cash flow was $224 millionb and free cash flow was $215 million. Management highlighted broad-based growth across end markets and regions, including continued strong demand for industrial water treatment in North America and a gradual recovery in consumer-packaged goods markets globally. The company also noted the acquisition of TraceGains, which it said adds recurring revenue and strengthens the financial profile of its Product Quality & Innovation segment.

For guidance, Veralto expects fourth-quarter 2024 non-GAAP core sales growth in the low-to-mid single digits, adjusted operating profit margin of approximately 24.0%, and adjusted diluted EPS of $0.86 to $0.90c. For full-year 2024, it expects low single-digit core sales growth, adjusted operating profit margin expansion of approximately 75 basis points, and raised adjusted diluted EPS guidance to $3.44 to $3.48 from $3.37 to $3.45. Free cash flow conversion guidance of 100% to 110% was maintained.

02—Key points

Key Highlights

  1. Third-quarter sales of $1,314 million, up 4.7% year-over-year, with non-GAAP core sales growth of 4.6%.
  2. GAAP diluted EPS of $0.88 versus $0.83 a year earlier; adjusted diluted EPS of $0.89 versus $0.75 in the prior-year adjusted figure.
  3. Adjusted operating profit margin of 24.1%, compared with 22.4% in the prior-year adjusted reconciliation; GAAP operating profit margin was 23.4%.
  4. Free cash flow (non-GAAP) of $215 million on operating cash flow of $224 million.
  5. Full-year 2024 adjusted diluted EPS guidance raised to $3.44 to $3.48 from $3.37 to $3.45.
  6. Full-year 2024 core sales growth expected in the low single digits; free cash flow conversion guidance of 100% to 110% maintained.
  7. Acquisition of TraceGains announced, which management said adds recurring revenue and strengthens the PQI segment.

03—Questions

Frequently Asked Questions

  1. How did Veralto perform in the third quarter of 2024?

    Sales rose 4.7% year-over-year to $1,314 million, with non-GAAP core sales growth of 4.6%. GAAP net earnings were $219 million, or $0.88 per diluted share, and adjusted net earnings were $223 million, or $0.89 per diluted share.

  2. What does Veralto expect for the fourth quarter of 2024?

    Veralto anticipates non-GAAP core sales growth in the low-to-mid single digits year-over-year, an adjusted operating profit margin of approximately 24.0%, and adjusted diluted EPS of $0.86 to $0.90.

  3. What drove growth in the quarter?

    Management said growth was broad-based across key end markets and regions, highlighted by continued strong demand for industrial water treatment in North America and gradual recovery across consumer-packaged goods markets globally.

  4. What acquisition did Veralto announce?

    Veralto acquired TraceGains, which management described as a complementary addition to its packaging and color solutions. The company said TraceGains adds recurring revenue and strengthens the financial profile of the Product Quality & Innovation segment.

04—Continue

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