Vontier reports Q2 adjusted EPS 63c, consensus 70c

Reports Q2 revenue $696M, consensus $745.94M. “Q2 results were below our expectations,” said CEO Mark Morelli. “Delayed customer project timing and reduced discretionary spending, impacted sales at the tail-end of the quarter. Our teams responded well, recovering a large part of the revenue shortfall in the month of July. Given the current macro environment, we are lowering our 2024 outlook to reflect slower market growth in the second half. Despite these short-term headwinds, we remain confident in our strategic positioning. Our portfolio is well-aligned in attractive end markets with strong secular tailwinds. Our Connected Mobility strategy enables us a competitive advantage to deliver differentiated value propositions, drive long-term customer success and unlock shareholder value.”