RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Corporation (NYSE: VNT) today announced results for the third quarter 2020.
For the third quarter ended September 25, 2020, net earnings were $141.0 million. For the same period, adjusted net earnings were $134.4 million. Diluted net earnings per share for the third quarter ended September 25, 2020 were $0.84. For the same period, adjusted diluted net earnings per share were $0.80.
For the third quarter of 2020, revenue increased 4.5% year-over-year to $746.7 million, which reflected an increase in core revenue of 5.6%.
For the fourth quarter 2020, Vontier anticipates that core revenue growth will be in the mid-single digit range with adjusted core operating margin expansion greater than 200bps excluding the anticipated impact of restructuring.
Mark D. Morelli, President and Chief Executive Officer, stated, “I’m pleased with our results as we delivered strong double-digit earnings growth, reflecting the resiliency of our portfolio. The power of the Vontier Business System drove working capital productivity generating substantial free cash flow. Our business enjoys strong fundamentals, continues to perform through economic cycles, and we have a significant runway of profitable growth ahead.”
Mr. Morelli added, “The separation from Fortive is complete and we are excited to continue to leverage the Vontier Business System to drive both growth and cost savings to position us well for macroeconomic recovery. We have ample balance sheet flexibility to fund future M&A where we are uniquely advantaged by our outstanding brands and a strong installed base levered to an attractive $27 billion mobility market.”
Vontier will discuss results and outlook during its quarterly investor conference call today starting at 8:00 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 conference call can be accessed by dialing 833-614-1510 within the U.S. or by dialing 918-922-6514 outside the U.S. a few minutes before 8:00 a.m. ET and notifying the operator that you are dialing in for Vontier’s earnings conference call (access code 5190827). A replay of the conference call will be available shortly after the conclusion of the call. Once available, you can access the conference call replay by dialing 855-859-2056 within the U.S. or 404-537-3406 outside the U.S. (access code 5190827) or visit the “Investors” section of the website under “Events & Presentations.”
ABOUT VONTIER
Vontier is a global industrial technology company focused on transportation and mobility solutions. The company’s portfolio of trusted brands includes market-leading expertise in mobility technologies, retail and commercial fueling, fleet management, telematics, vehicle diagnostics and repair, and smart cities end-markets. Vontier’s innovative products, services, and software advance efficiency, safety, security, and environmental compliance worldwide.
Guided by the proven Vontier Business System and an unwavering commitment to continuous improvement and customer success, Vontier keeps traffic flowing through more than 90,000 intersections, serves more than 260,000 customer fueling sites, monitors more than 480,000 commercial vehicles, and equips over 600,000 auto technicians worldwide. Vontier is mobilizing the future to create a better world.
