Veralto Corp. Q1 FY2024 results: revenue $1.2 billion, up 1.7% on the year

Veralto Corp. (VLTO) reported revenue of $1.2 billion for Q1 FY2024, the quarter ended 29 March 2024, up 1.7% on the same quarter a year earlier. Net income was $184 million, down 18.2% on the year, and diluted earnings per share $0.74. The figures are the company's own, from the 10-Q it filed with the SEC on 24 April 2024.

Revenue$1.2 billionup 1.7%

Net income$184 milliondown 18.2%

Diluted EPS$0.74

QuarterQ1 FY2024ended 29 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,246	1,288	n/a	n/a
Cost of revenue	499	542	n/a	n/a
Gross profit	747	746	n/a	n/a
Gross margin	60.0%	57.9%	n/a
Research and development	60.0	57.0	n/a	n/a
Selling, general and administrative	394	403	n/a	n/a
Operating income	293	286	n/a	n/a
Operating margin	23.5%	22.2%	n/a
Interest expense	28.0	25.0	n/a	n/a
Pre-tax income	250	261	n/a	n/a
Income tax	66.0	61.0	n/a	n/a
Effective tax rate	26.4%	23.4%	n/a
Net income	184	200	n/a	n/a
Net margin	14.8%	15.5%	n/a
Diluted EPS	$0.74	$0.81	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	115	263	n/a	n/a
Capital expenditure	13.0	22.0	n/a	n/a
Free cash flow	102	241	n/a	n/a
Free cash flow margin	8.2%	18.7%	n/a
Depreciation and amortisation	21.0	22.0	n/a	n/a
Share-based compensation	15.0	20.0	n/a	n/a
Dividends paid	22.0	0.0	n/a	n/a
Diluted shares, weighted	249m	247m	n/a	n/a
Shares outstanding at period end	247m	246m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	5,708	5,693	n/a	n/a
Cash and equivalents	827	762	n/a	n/a
Receivables	815	826	n/a	n/a
Inventory	308	297	n/a	n/a
Goodwill	2,499	2,533	n/a	n/a
Long-term debt	2,618	2,629	n/a	n/a
Operating lease liabilities	n/a	115	n/a	n/a
Shareholders' equity	1,482	1,383	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	1,253	1,255	1,288	1,246	1,288	1,314	1,345	1,332	1,371	1,404	1,396	1,422
Cost of revenue	529	532	542	499	514	531	544	527	549	560	568	568
Gross profit	724	723	746	747	774	783	801	805	822	844	828	854
Gross margin	58%	58%	58%	60%	60%	60%	60%	60%	60%	60%	59%	60%
R&D	57.0	55.0	57.0	60.0	61.0	63.0	69.0	64.0	67.0	67.0	68.0	68.0
SG&A	378	395	403	394	414	412	424	419	442	451	444	448
Operating income	289	273	286	293	299	308	308	322	313	326	316	338
Operating margin	23%	22%	22%	24%	23%	23%	23%	24%	23%	23%	23%	24%
Interest expense	0.0	5.0	25.0	28.0	30.0	27.0	28.0	27.0	28.0	21.0	20.0	24.0
Pre-tax income	275	268	261	250	270	286	280	289	285	306	293	321
Tax rate	24%	24%	23%	26%	25%	23%	19%	22%	22%	22%	13%	21%
Net income	209	205	200	184	203	219	227	225	222	239	254	254
Net margin	17%	16%	16%	15%	16%	17%	17%	17%	16%	17%	18%	18%
Diluted EPS	$0.85	$0.83	$0.81	$0.74	$0.81	$0.88	$0.91	$0.90	$0.89	$0.95	$1.02	$1.02
Operating cash flow	301	243	263	115	251	224	285	157	339	270	311	182
Capital expenditure	12.0	11.0	22.0	13.0	11.0	9.0	22.0	15.0	16.0	12.0	20.0	12.0
Free cash flow	289	232	241	102	240	215	263	142	323	258	291	170
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	300
Dividends paid	0.0	0.0	0.0	22.0	22.0	23.0	22.0	27.0	27.0	28.0	27.0	32.0
Shares outstanding	247m	246m	246m	247m	247m	247m	247m	248m	248m	248m	248m	246m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 March 2024, filed 24 April 2024, accession 0001967680-24-000059: the filing on EDGAR. All of Veralto Corp.'s filings: EDGAR company page.

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