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Investors Cheer Vontier's Hiked FY21 Guidance After Strong Q1 Earnings Growth

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Investors Cheer Vontier's Hiked FY21 Guidance After Strong Q1 Earnings Growth
  • Vontier Corp (NYSE: VNTreported first-quarter FY21 revenue growth of 16.1% year-on-year to $707.4 million, beating the analyst consensus of $671.17 million. Core revenue rose 14.3% Y/Y.
  • Operating profit rose 509.6% Y/Y to $132.9 million.
  • Adjusted net earnings rose 43.8% Y/Y to $107.7 million, with adjusted EPS of $0.63, beating the analyst consensus of $0.55.
  • The company held $670.3 million in cash and equivalents and generated $163.3 million in operating cash flow.
  • Guidance: Vontier sees a Q2 adjusted EPS outlook of $0.50 - $0.54 compared to the analyst consensus of $0.53.
  • FY21 adjusted EPS guidance was raised from $2.35 - $2.45 to $2.55 - $2.65, compared to the analyst consensus of $2.45.
  • Strong execution by the teams drove double-digit core revenue and earnings growth, margin expansion, and free cash flow that exceeded expectations, CEO Mark D. Morelli said.
  • A greater focus and deeper deployment of the Vontier Business System is the driving force behind the success today and future, Morelli added.
  • Price action: VNT shares traded higher by 4.34% at $3..08 on the last check Thursday.
 

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