Vontier Corporation reported its financial results for the third quarter and the nine months ended September 27, 2024, showing a decline in sales but an increase in net earnings compared to the previous fiscal period. For the three months ended September 27, 2024, Vontier generated sales of $750.0 million, down from $765.4 million in the same period of 2023. For the nine months, sales totaled $2,202.2 million, a decrease from $2,306.2 million year-over-year.
Despite the drop in sales, net earnings for the third quarter increased to $91.8 million, compared to $90.6 million in the prior year. For the nine-month period, net earnings rose to $298.7 million from $270.7 million. Earnings per share for the third quarter were $0.60, up from $0.59, while for the nine months, earnings per share increased to $1.94 from $1.74.
The company's operating profit for the third quarter was $131.5 million, down from $142.6 million in the same quarter of 2023. For the nine months, operating profit decreased to $387.7 million from $397.0 million. The decline in operating profit was attributed to lower sales in the Repair Solutions segment, which saw a 5.1% decrease in sales for the quarter, primarily due to reduced demand for specialty tools and power tools.
In terms of segment performance, the Mobility Technologies segment reported sales of $257.4 million for the third quarter, an increase from $247.7 million in the prior year. The Environmental & Fueling Solutions segment also saw growth, with sales rising to $349.9 million from $331.6 million. However, the Repair Solutions segment's sales fell to $151.5 million from $160.2 million.
Vontier's total assets as of September 27, 2024, were $4,307.1 million, slightly up from $4,294.0 million at the end of 2023. The company reported total stockholders' equity of $1,034.6 million, an increase from $890.4 million. Current liabilities decreased to $818.2 million from $955.3 million.
The company has been active in share repurchases, entering into an accelerated share repurchase agreement during the third quarter, repurchasing 3.0 million shares for $100.0 million. As of September 27, 2024, Vontier had $189.8 million remaining under its share repurchase authorization of $500.0 million.
Overall, Vontier's financial results reflect a strategic focus on maintaining profitability amid declining sales, with ongoing investments in its Mobility Technologies segment and continued share repurchase activities.
About Vontier Corp
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