Fourth Quarter 2024 Highlights:
- Sales of $777 million, down 1.5% vs. prior year; Core sales
increased 3.5%
- GAAP diluted net EPS of $0.82; Adjusted diluted net EPS of
$0.80
- Operating cash flow was $168 million; Adjusted free cash flow
was $155 million, representing 128% Adjusted free cash flow
conversion
Full Year 2024 Highlights:
- Sales of $2,979 million, down 3.8% vs. prior year; Core sales
increased 1.8%
- GAAP diluted net EPS of $2.75; Adjusted diluted net EPS of
$2.89
- Completed $225M in share repurchases and $150M in debt
paydown
Outlook for 2025:
- Initiates Q1 2025 adjusted diluted net EPS guidance in the
range of $0.71 to $0.74
- Initiates full year 2025 adjusted diluted net EPS guidance in
the range of $3.00 to $3.15
Vontier Corporation (NYSE: VNT), a leading global provider of
critical technologies and solutions to connect, manage and scale
the mobility ecosystem, today announced results for the fourth
quarter ended December 31, 2024.
Reported sales in the fourth quarter declined 1.5%
year-over-year to $776.8 million, reflecting the absence of sales
from divested businesses. Core sales increased 3.5% reflecting
continued demand for retail fueling equipment and convenience
retail payment and enterprise productivity solutions, partially
offset by ongoing macroeconomic pressures on the car wash and auto
repair markets. Operating profit of $149.3 million increased 2.0%
from the prior year, and operating profit margin increased
approximately 60 basis points, to 19.2%. Adjusted operating profit
of $170.8 million declined 1.8% from the prior year and adjusted
operating profit margin maintained at 22.0%. Net earnings were
$123.5 million, and adjusted net earnings were $120.8 million,
resulting in GAAP diluted net earnings per share of $0.82 and
adjusted diluted net earnings per share of $0.80.
“Vontier delivered a solid finish to the year, reflecting
disciplined operational execution and continued momentum within our
Convenience Retail and Fueling end markets,” said Mark Morelli,
President and Chief Executive Officer. “We made significant
progress on our strategic initiatives throughout 2024 as evidenced
by the traction we are seeing on recent innovations that deliver
revenue growth and productivity for our customers. The investments
we have made to accelerate growth in our own business are now
delivering tangible results.”
“As we look ahead to 2025, I am confident in our ability to
deliver on our commitments. Although the macroeconomic environment
remains uncertain, we remain focused on capitalizing on end market
demand and delivering innovative solutions our customers need. We
have a significant opportunity to continue simplifying our business
and transforming our portfolio to deliver on our margin expansion
targets in the near and medium term. We remain committed to
achieving top-tier financial performance and creating value for our
customers, our shareholders and our employees.”
Segment Results
Environmental & Fueling
Solutions
Q4 2024
Q4 2023
Change
Sales ($M)
$367.7
$339.0
8.5%
Segment Operating Profit ($M)
$105.3
$97.9
7.6%
Segment Operating Profit Margin
28.6%
28.9%
-30bps
Environmental & Fueling Solutions reported sales increased
8.5% from the prior year. Core sales increased 10.8%, driven by
strong growth in North America and International dispenser
equipment, and aftermarket parts. Segment operating profit margin
declined 30 basis points as productivity savings were offset by
regional and product mix.
Mobility Technologies
Q4 2024
Q4 2023
Change
Sales(a) ($M)
$276.8
$271.4
2.0%
Segment Operating Profit ($M)
$57.2
$55.9
2.3%
Segment Operating Profit Margin
20.7%
20.6%
10bps
(a) Includes $15.8 million and $2.6
million of intersegment sales for Q4 2024 and Q4 2023,
respectively, that are eliminated in consolidation.
Mobility Technologies reported sales increased 2.0% from the
prior year. Core sales increased 2.7% year-over-year, as continued
demand for convenience retail payment and enterprise productivity
solutions were partially offset by lower demand for car wash
technologies, as anticipated. Segment operating profit margin
expanded 10 basis points year-over-year despite increased R&D
investments at Invenco by GVR, and unfavorable mix from lower DRB
sales.
Repair Solutions
Q4 2024
Q4 2023
Change
Sales ($M)
$148.1
$151.5
(2.2)%
Segment Operating Profit ($M)
$31.3
$37.8
(17.2)%
Segment Operating Profit Margin
21.1%
25.0%
-390bps
Repair Solutions reported sales decreased 2.2% from the prior
year. Core sales declined 2.2%, a sequential improvement, as
macroeconomic pressures among service technicians, which impacts
discretionary spending on high ticket items continues to ease.
Segment operating profit margin declined 390 basis points on lower
volumes, and unfavorable product mix.
Other Items
- Repurchased ~1.7 million shares for ~$60 million during the
quarter; Repurchased 6.3 million shares for ~$225 million during
the full year.
- Repaid $50 million in debt during the quarter; Full year 2024
debt repayment totaled $150 million. Net leverage ratio ended Q4 at
2.6X
2025 Outlook
- Total sales of $2,970 to $3,050 million; Core sales +1.0% to
+3.5%
- Adjusted operating profit margin up 35 to 50 bps
year-over-year
- Adjusted diluted net earnings per share in the range of $3.00
to $3.15
- Adjusted free cash flow conversion of 90%+
Q1 2025 Outlook
- Total sales of $715 to $730 million; Core sales (2%) to
(4%)
- Adjusted operating profit margin down (10bps) to (50bps)
year-over-year
- Adjusted diluted net earnings per share in the range of $0.71
to $0.74
Conference Call Details
Vontier will discuss results and outlook during its quarterly
investor conference call today starting at 8:30 a.m. ET. The call
and an accompanying slide presentation will be webcast on the
“Investors” section of Vontier’s website, www.vontier.com, under
“Events & Presentations.” A replay of the webcast will be
available at the same location shortly after the conclusion of the
presentation.
The call can be accessed via webcast or by dialing +1
800-549-8228, along with the conference ID: 04911. A replay of the
webcast will be available at the same location shortly after the
conclusion of the presentation, or by dialing +1 888-660-6264,
along with the passcode 04911 or under the “Investors” section of
the Vontier website under “Events & Presentations.”
ABOUT VONTIER
Vontier (NYSE: VNT) is a global industrial technology company
uniting productivity, automation and multi-energy technologies to
meet the needs of a rapidly evolving, more connected mobility
ecosystem. Leveraging leading market positions, decades of domain
expertise and unparalleled portfolio breadth, Vontier enables the
way the world moves – delivering smart, safe and sustainable
solutions to our customers and the planet. Vontier has a culture of
continuous improvement and innovation built upon the foundation of
the Vontier Business System and embraced by colleagues worldwide.
Additional information about Vontier is available on the Company’s
website at www.vontier.com.
NON-GAAP FINANCIAL MEASURES
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this earnings
release also references “core sales growth,” “adjusted operating
profit,” “adjusted operating profit margin,” “adjusted net
earnings,” “adjusted diluted net earnings per share,” “free cash
flow,” “adjusted free cash flow”, “adjusted free cash flow
conversion”, “EBITDA”, “adjusted EBITDA” and “net leverage ratio”
which are non-GAAP financial measures. The reasons why we believe
these measures, when used in conjunction with the GAAP financial
measures, provide useful information to investors, how management
uses such non-GAAP financial measures, a reconciliation of these
measures to the most directly comparable GAAP measures and other
information relating to these measures are included in the
supplemental reconciliation schedule attached. The non-GAAP
financial measures should not be considered in isolation or as a
substitute for the GAAP financial measures, but should instead be
read in conjunction with the GAAP financial measures. The non-GAAP
financial measures used by Vontier in this release may be different
from similarly-titled non-GAAP measures used by other
companies.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the
meaning of the federal securities laws. These statements include,
but are not limited to statements regarding Vontier Corporation’s
(the “Company’s”) business and acquisition opportunities and
anticipated earnings, and any other statements identified by their
use of words like “anticipate,” “expect,” “believe,” “outlook,”
“guidance,” or “will” or other words of similar meaning. There are
a number of important risks and uncertainties that could cause
actual results, developments and business decisions to differ
materially from those suggested or indicated by such
forward-looking statements and you should not place undue reliance
on any such forward-looking statements. These risks and
uncertainties include, among other things, deterioration of or
instability in the economy, the markets we serve, international
trade policies and the financial markets, contractions or lower
growth rates and cyclicality of markets we serve, competition,
changes in industry standards and governmental regulations that may
adversely impact demand for our products or our costs, our ability
to successfully identify, consummate, integrate and realize the
anticipated value of appropriate acquisitions and successfully
complete divestitures and other dispositions, our ability to
develop and successfully market new products, software, and
services and expand into new markets, the potential for improper
conduct by our employees, agents or business partners, impact of
divestitures, contingent liabilities relating to acquisitions and
divestitures, impact of changes to tax laws, our compliance with
applicable laws and regulations and changes in applicable laws and
regulations, risks relating to global economic, political, war or
hostility, legal, compliance and business factors, risks relating
to potential impairment of goodwill and other intangible assets,
currency exchange rates, tax audits and changes in our tax rate and
income tax liabilities, the impact of our debt obligations on our
operations, litigation and other contingent liabilities including
intellectual property and environmental, health and safety matters,
our ability to adequately protect our intellectual property rights,
risks relating to product, service or software defects, product
liability and recalls, risks relating to product manufacturing, our
relationships with and the performance of our channel partners,
commodity costs and surcharges, our ability to adjust purchases and
manufacturing capacity to reflect market conditions, reliance on
sole sources of supply, security breaches or other disruptions of
our information technology systems, adverse effects of
restructuring activities, impact of changes to U.S. GAAP, labor
matters, and disruptions relating to man-made and natural
disasters. Additional information regarding the factors that may
cause actual results to differ materially from these
forward-looking statements is available in our SEC filings,
including our Form 10-K for the year ended December 31, 2023. These
forward-looking statements represent Vontier’s beliefs and
assumptions only as of the date of this release and Vontier does
not assume any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events
and developments or otherwise.
VONTIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in millions)
(unaudited)
December 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
356.4
$
340.9
Accounts receivable, net
526.1
497.5
Inventories
337.8
296.6
Prepaid expenses and other current
assets
149.7
141.4
Current assets held for sale
—
56.1
Total current assets
1,370.0
1,332.5
Property, plant and equipment, net
120.2
102.3
Operating lease right-of-use assets
46.8
47.0
Long-term financing receivables, net
291.7
276.2
Other intangible assets, net
486.5
568.3
Goodwill
1,726.0
1,742.4
Other assets
269.3
225.3
Total assets
$
4,310.5
$
4,294.0
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion
of long-term debt
$
52.3
$
106.6
Trade accounts payable
378.1
366.8
Current operating lease liabilities
16.3
14.0
Accrued expenses and other current
liabilities
462.5
435.8
Current liabilities held for sale
—
32.1
Total current liabilities
909.2
955.3
Long-term operating lease liabilities
36.6
37.1
Long-term debt
2,092.0
2,189.0
Other long-term liabilities
212.8
217.0
Total liabilities
3,250.6
3,398.4
Commitments and Contingencies
Equity:
Preferred stock
—
—
Common stock
—
—
Treasury stock
(627.0
)
(403.4
)
Additional paid-in capital
83.0
56.8
Retained earnings
1,539.1
1,132.1
Accumulated other comprehensive income
56.0
104.9
Total Vontier stockholders’ equity
1,051.1
890.4
Noncontrolling interests
8.8
5.2
Total equity
1,059.9
895.6
Total liabilities and equity
$
4,310.5
$
4,294.0
VONTIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (in millions, except
per share amounts) (unaudited)
Three Months Ended
Year Ended
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Sales
$
776.8
$
789.0
$
2,979.0
$
3,095.2
Operating costs and expenses:
Cost of sales, excluding amortization of
acquisition-related intangible assets
(414.4
)
(417.9
)
(1,554.9
)
(1,664.0
)
Selling, general and administrative
expenses
(151.0
)
(161.5
)
(629.7
)
(643.1
)
Research and development expenses
(42.4
)
(43.1
)
(177.7
)
(163.5
)
Amortization of acquisition-related
intangible assets
(19.7
)
(20.1
)
(79.7
)
(81.2
)
Operating profit
149.3
146.4
537.0
543.4
Non-operating income (expense), net:
Interest expense, net
(18.5
)
(23.0
)
(74.7
)
(93.7
)
Gain on sale of business
—
—
37.2
34.4
Other non-operating (expense) income,
net
(0.3
)
1.0
(1.9
)
(0.6
)
Earnings before income taxes
130.5
124.4
497.6
483.5
Provision for income taxes
(7.0
)
(18.2
)
(75.4
)
(106.6
)
Net earnings
$
123.5
$
106.2
$
422.2
$
376.9
Net earnings per share:
Basic
$
0.82
$
0.69
$
2.76
$
2.43
Diluted
$
0.82
$
0.68
$
2.75
$
2.42
Weighted average shares outstanding:
Basic
150.1
154.6
152.8
155.1
Diluted
151.1
155.9
153.8
156.0
VONTIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)
(unaudited)
Year Ended
December 31, 2024
December 31, 2023
Cash flows from operating activities:
Net earnings
$
422.2
$
376.9
Non-cash items:
Depreciation expense
47.4
43.8
Amortization of acquisition-related
intangible assets
79.7
81.2
Stock-based compensation expense
31.6
31.5
Gain on sale of business
(37.2
)
(34.4
)
Change in deferred income taxes
(32.8
)
(47.3
)
Other non-cash items
3.3
3.4
Change in accounts receivable, net
(203.9
)
(148.1
)
Change in inventories
(48.5
)
48.9
Change in long-term financing receivables,
net
147.9
141.2
Change in trade accounts payable
14.9
(66.8
)
Change in other operating assets and
liabilities
2.9
24.7
Net cash provided by operating
activities
427.5
455.0
Cash flows from investing activities:
Proceeds from sale of business, net of
cash provided
68.4
107.5
Payments for additions to property, plant
and equipment
(82.7
)
(60.1
)
Proceeds from sale of property, plant and
equipment
5.6
4.5
Cash paid for equity investments
(2.9
)
(3.0
)
Proceeds from sale of equity
securities
0.2
20.4
Net cash (used in) provided by
investing activities
(11.4
)
69.3
Cash flows from financing activities:
Repayment of long-term debt
(150.0
)
(300.0
)
Net (repayments of) proceeds from
short-term borrowings
(4.5
)
1.9
Payments of common stock cash dividend
(15.2
)
(15.5
)
Purchases of treasury stock
(224.7
)
(74.7
)
Proceeds from stock option exercises
17.0
10.4
Other financing activities
(14.9
)
(9.9
)
Net cash used in financing
activities
(392.3
)
(387.8
)
Effect of exchange rate changes on cash
and cash equivalents
(8.3
)
(0.1
)
Net change in cash and cash
equivalents
15.5
136.4
Beginning balance of cash and cash
equivalents
340.9
204.5
Ending balance of cash and cash
equivalents
$
356.4
$
340.9
VONTIER CORPORATION AND SUBSIDIARIES
SEGMENT FINANCIAL SUMMARY (in millions)
(unaudited)
Three Months Ended
Year Ended
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Sales
Mobility Technologies
$
276.8
$
271.4
$
1,014.5
$
1,003.8
Repair Solutions
148.1
151.5
633.4
651.5
Environmental & Fueling Solutions
367.7
339.0
1,359.8
1,323.7
Other
—
29.7
1.3
118.8
Intersegment eliminations
(15.8
)
(2.6
)
(30.0
)
(2.6
)
Total Vontier Sales
$
776.8
$
789.0
$
2,979.0
$
3,095.2
Segment Operating Profit
Mobility Technologies
$
57.2
$
55.9
$
192.6
$
199.9
Repair Solutions
31.3
37.8
140.7
170.0
Environmental & Fueling Solutions
105.3
97.9
394.9
369.5
Other
—
3.1
(0.4
)
11.3
Segment Operating Profit Margin
Mobility Technologies
20.7
%
20.6
%
19.0
%
19.9
%
Repair Solutions
21.1
%
25.0
%
22.2
%
26.1
%
Environmental & Fueling Solutions
28.6
%
28.9
%
29.0
%
27.9
%
Other
—
%
10.4
%
(30.8
%)
9.5
%
Operating Profit & Adjusted
Operating Profit
Operating Profit (GAAP)
$
149.3
$
146.4
$
537.0
$
543.4
Operating Profit Margin (GAAP)
19.2
%
18.6
%
18.0
%
17.6
%
Adjusted Operating Profit (Non-GAAP)
$
170.8
$
173.9
$
638.7
$
664.3
Adjusted Operating Profit Margin
(Non-GAAP)
22.0
%
22.0
%
21.4
%
21.5
%
VONTIER CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND
OTHER INFORMATION
Core Sales Growth
We define core sales growth as the change in total sales
calculated according to GAAP but excluding (i) sales from acquired
and certain divested businesses; (ii) the impact of currency
translation; and (iii) certain other items.
- References to sales attributable to acquisitions or acquired
businesses refer to GAAP sales from acquired businesses recorded
prior to the first anniversary of the acquisition less the amount
of sales attributable to certain divested or exited businesses or
product lines not considered discontinued operations.
- The portion of sales attributable to the impact of currency
translation is calculated as the difference between (a) the
period-to-period change in sales (excluding sales from acquired
businesses) and (b) the period-to-period change in sales, including
foreign operations, (excluding sales from acquired businesses)
after applying the current period foreign exchange rates to the
prior year period.
- The portion of sales attributable to other items is calculated
as the impact of those items which are not directly correlated to
core sales which do not have an impact on the current or comparable
period.
Core sales growth should be considered in addition to, and not
as a replacement for or superior to, total sales, and may not be
comparable to similarly titled measures reported by other
companies.
Management believes that reporting the non-GAAP financial
measure of core sales growth provides useful information to
investors by helping identify underlying growth trends in our
business and facilitating easier comparisons of our sales
performance with our performance in prior and future periods and to
our peers. We exclude the effect of acquisitions and certain
divestiture-related items because the nature, size and number of
such transactions can vary dramatically from period to period and
between us and our peers. We exclude the effect of currency
translation and certain other items from core sales because these
items are either not under management’s control or relate to items
not directly correlated to core sales growth. Management believes
the exclusion of these items from core sales growth may facilitate
assessment of underlying business trends and may assist in
comparisons of long-term performance.
Adjusted Operating Profit and Adjusted Operating Profit
Margin
Adjusted operating profit refers to operating profit calculated
in accordance with GAAP, but excluding amortization of
acquisition-related intangible assets, costs associated with
restructurings including one-time termination benefits and related
charges and impairment and other charges associated with facility
closure, contract termination and other related activities, and the
related impact of certain divested or exited businesses or product
lines not considered discontinued operations ("Restructuring- and
divestiture-related adjustments"), transaction- and deal-related
costs, asbestos-related adjustments associated with certain
divested businesses, one-time costs related to the separation,
amortization of acquisition-related inventory fair value step-up,
gains and losses on sale of property, and other charges which
represent charges incurred that are not part of our core operating
results (“Other charges”). Adjusted operating profit margin refers
to adjusted operating profit divided by GAAP sales.
Adjusted Net Earnings and Adjusted Diluted Net Earnings per
Share
Adjusted net earnings refers to net earnings calculated in
accordance with GAAP, but excluding on a pretax basis amortization
of acquisition-related intangible assets, Restructuring- and
divestiture-related adjustments, transaction- and deal-related
costs, asbestos-related adjustments associated with certain
divested businesses, one-time costs related to the separation,
amortization of acquisition-related inventory fair value step-up,
gains and losses on sale of property, Other charges, non-cash
write-offs of deferred financing costs, gains and losses on sale of
businesses and gains and losses on investments, including the tax
effect of these adjustments and other tax adjustments. The tax
effect of such adjustments was calculated by applying our estimated
adjusted effective tax rate to the pretax amount of each
adjustment. Adjusted diluted net earnings per share refers to
adjusted net earnings divided by the weighted average diluted
shares outstanding.
Free Cash Flow, Adjusted Free Cash Flow and Adjusted Free
Cash Flow Conversion
Free cash flow refers to cash flow from operations calculated
according to GAAP but excluding capital expenditures. Adjusted free
cash flow refers to free cash flow adjusted for cash received from
the sale of property, plant and equipment and cash paid for
Restructuring- and divestiture-related adjustments, transaction-
and deal-related costs and Other charges. Adjusted free cash flow
conversion refers to adjusted free cash flow divided by adjusted
net earnings.
Net Leverage Ratio, EBITDA and Adjusted EBITDA
EBITDA refers to net earnings calculated in accordance with
GAAP, excluding interest, taxes, depreciation and amortization of
acquisition-related intangible assets. Adjusted EBITDA refers to
EBITDA adjusted for Restructuring- and divestiture-related
adjustments, transaction- and deal-related costs, asbestos-related
adjustments associated with certain divested businesses, one-time
costs related to the separation, amortization of
acquisition-related inventory fair value step-up, gains and losses
on sale of property, Other charges, non-cash write-offs of deferred
financing costs, gains and losses on sale of businesses and gains
and losses on investments. Net leverage ratio refers to net debt
divided by Adjusted EBITDA.
Management believes that these non-GAAP financial measures
provide useful information to investors by reflecting additional
ways of viewing aspects of our operations that, when reconciled to
the corresponding GAAP measure, help our investors to understand
the long-term profitability trends of our business, and facilitate
comparisons of our profitability to prior and future periods and to
our peers.
These non-GAAP measures should be considered in addition to, and
not as a replacement for or superior to, the comparable GAAP
measures, and may not be comparable to similarly titled measures
reported by other companies.
A reconciliation of each of the projected Core Sales Growth,
Adjusted Operating Profit Margin, Adjusted Diluted Net Earnings Per
Share and Adjusted Free Cash Flow Conversion, which are
forward-looking non-GAAP financial measures, to the most directly
comparable GAAP financial measure, is not provided because the
company is unable to provide such reconciliation without
unreasonable effort. The inability to provide each reconciliation
is due to the unpredictability of the amounts and timing of events
affecting the items we exclude from the non-GAAP measure.
Components of Sales Growth
% Change Three Months Ended
December 31, 2024 vs. Comparable 2023 Period
Mobility Technologies
Repair Solutions
Environmental & Fueling
Solutions
Total
Total Sales Growth (GAAP)
2.0%
(2.2)%
8.5%
(1.5)%
Core sales growth (Non-GAAP)
2.7%
(2.2)%
10.8%
3.5%
Acquisitions and divestitures
(Non-GAAP)
—%
—%
(1.2)%
(4.3)%
Currency exchange rates (Non-GAAP)
(0.7)%
—%
(1.1)%
(0.7)%
% Change Year Ended December
31, 2024 vs. Comparable 2023 Period
Mobility Technologies
Repair Solutions
Environmental & Fueling
Solutions
Other Segment
Total
Total Sales Growth (GAAP)
1.1%
(2.8)%
2.7%
(98.9)%
(3.8)%
Core sales growth (Non-GAAP)
2.1%
(2.8)%
5.9%
—%
1.8%
Acquisitions and divestitures
(Non-GAAP)
—%
—%
(2.3)%
(98.9)%
(4.8)%
Currency exchange rates (Non-GAAP)
(1.0)%
—%
(0.9)%
—%
(0.8)%
Reconciliation of Operating Profit to Adjusted Operating
Profit
Three Months Ended
Year Ended
$ in millions
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Operating Profit (GAAP)
$
149.3
$
146.4
$
537.0
$
543.4
Amortization of acquisition-related
intangible assets
19.7
20.1
79.7
81.2
Restructuring- and divestiture-related
adjustments
2.8
3.7
15.6
26.0
Transaction- and deal-related costs
(1.3
)
3.2
(1.3
)
12.0
Asbestos-related adjustments
1.6
—
8.2
—
One-time costs related to separation
0.2
0.5
1.5
3.2
Amortization of acquisition-related
inventory fair value step-up
—
—
—
1.3
Gain on sale of property
(4.0
)
—
(4.5
)
(2.8
)
Other charges
2.5
—
2.5
—
Adjusted Operating Profit
(Non-GAAP)
$
170.8
$
173.9
$
638.7
$
664.3
Operating Profit Margin (GAAP)
19.2
%
18.6
%
18.0
%
17.6
%
Adjusted Operating Profit Margin
(Non-GAAP)
22.0
%
22.0
%
21.4
%
21.5
%
Reconciliation of Net Earnings to Adjusted Net
Earnings
Three Months Ended
Year Ended
($ in millions)
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Net Earnings (GAAP)
$
123.5
$
106.2
$
422.2
$
376.9
Amortization of acquisition-related
intangible assets
19.7
20.1
79.7
81.2
Restructuring- and divestiture-related
adjustments
2.8
3.7
15.6
26.0
Transaction- and deal-related costs
(1.3
)
3.2
(1.3
)
12.0
Asbestos-related adjustments
1.6
—
8.2
—
One-time costs related to separation
0.2
0.5
1.5
3.2
Amortization of acquisition-related
inventory fair value step-up
—
—
—
1.3
Gain on sale of property
(4.0
)
—
(4.5
)
(2.8
)
Other charges
2.5
—
2.5
—
Non-cash write-off of deferred financing
costs
—
—
—
0.2
Gain on sale of business
—
—
(37.2
)
(34.4
)
Loss on equity investments
0.2
0.1
0.6
1.1
Tax effect of the Non-GAAP adjustments and
other tax adjustments
(24.4
)
(8.4
)
(42.1
)
(14.4
)
Adjusted Net Earnings
(Non-GAAP)
$
120.8
$
125.4
$
445.2
$
450.3
Diluted weighted average shares
outstanding
151.1
155.9
153.8
156.0
Diluted Net Earnings Per Share
(GAAP)
$
0.82
$
0.68
$
2.75
$
2.42
Adjusted Diluted Net Earnings Per Share
(Non-GAAP)
$
0.80
$
0.80
$
2.89
$
2.89
Reconciliation of Operating Cash Flow to Free Cash Flow,
Adjusted Free Cash Flow, and Adjusted Free Cash Flow
Conversion
Three Months Ended
Year Ended
($ in millions)
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Operating Cash Flow (GAAP)
$
168.1
$
164.9
$
427.5
$
455.0
Less: Purchases of property, plant &
equipment (capital expenditures)
(20.1
)
(16.6
)
(82.7
)
(60.1
)
Free Cash Flow (Non-GAAP)
$
148.0
$
148.3
$
344.8
$
394.9
Restructuring- and divestiture-related
adjustments
1.9
2.9
10.2
19.0
Transaction- and deal-related costs
0.6
1.6
6.8
17.7
Proceeds from sale of property, plant and
equipment
4.3
0.2
5.6
4.5
Adjusted Free Cash Flow
(Non-GAAP)
$
154.8
$
153.0
$
367.4
$
436.1
Adjusted Net Earnings
(Non-GAAP)
$
120.8
$
125.4
$
445.2
$
450.3
Adjusted Free Cash Flow Conversion
(Non-GAAP)
128.1
%
122.0
%
82.5
%
96.8
%
Net Leverage Ratio and Reconciliation from Net Earnings to
EBITDA to Adjusted EBITDA
Total Debt
$
2,152.3
Less: Cash
(356.4
)
Net Debt
$
1,795.9
Adjusted EBITDA (Non-GAAP)
$
684.8
Net Leverage Ratio
2.6
Three Months Ended
Year Ended
($ in millions)
December 31, 2024
December 31, 2024
Net Earnings (GAAP)
$
123.5
$
422.2
Interest expense, net
18.5
74.7
Income tax expense
7.0
75.4
Depreciation and amortization expense
32.6
127.1
EBITDA (Non-GAAP)
$
181.6
$
699.4
Restructuring- and divestiture-related
adjustments
2.8
15.6
Transaction- and deal-related costs
(1.3
)
(1.3
)
Asbestos-related adjustments
1.6
8.2
One-time costs related to separation
0.2
1.5
Gain on sale of property
(4.0
)
(4.5
)
Other charges
2.5
2.5
Gain on sale of business
—
(37.2
)
Loss on equity investments
0.2
0.6
Adjusted EBITDA (Non-GAAP)
$
183.6
$
684.8
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250213335695/en/
INVESTOR RELATIONS: Ryan Edelman Vice President,
Investor Relations +1 (984) 238-1929 ryan.edelman@vontier.com
MEDIA: Nicole Beck Vontier Corporation
nicole.beck@vontier.com
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