Vontier (VNT) Q4 FY2023 earnings: revenue $789 million, down 9.5% on the year

Vontier Corp. (VNT) reported revenue of $789 million for Q4 FY2023, the quarter ended 31 December 2023, down 9.5% on the same quarter a year earlier. Net income was $106 million, up 56.9% on the year, and diluted earnings per share $0.68. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$789 milliondown 9.5%

Net income$106 millionup 56.9%

Diluted EPS$0.68

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	789	765	n/a	n/a
Cost of revenue	418	406	n/a	n/a
Gross profit	371	359	n/a	n/a
Gross margin	47.0%	46.9%	n/a
Research and development	43.1	39.1	n/a	n/a
Selling, general and administrative	162	157	n/a	n/a
Operating income	146	143	n/a	n/a
Operating margin	18.6%	18.6%	n/a
Pre-tax income	124	120	n/a	n/a
Income tax	18.2	29.3	n/a	n/a
Effective tax rate	14.6%	24.4%	n/a
Net income	106	90.6	n/a	n/a
Net margin	13.5%	11.8%	n/a
Diluted EPS	$0.68	$0.58	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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	165	132	n/a	n/a
Capital expenditure	16.6	17.4	n/a	n/a
Free cash flow	148	114	n/a	n/a
Free cash flow margin	18.8%	14.9%	n/a
Cash from investing	-16.7	-17.5	n/a	n/a
Cash from financing	-74.5	-90.7	n/a	n/a
Depreciation and amortisation	-50.0	31.1	n/a	n/a
Share-based compensation	7.4	8.8	n/a	n/a
Buybacks	13.1	11.6	n/a	n/a
Dividends paid	3.8	3.9	n/a	n/a
Dividend per share	n/a	$0.03	n/a	n/a
Diluted shares, weighted	156m	156m	n/a	n/a
Shares outstanding at period end	154m	154m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	890	760	n/a	n/a
Non-controlling interest	5.2	5.5	n/a	n/a
Short-term borrowings	n/a	6.3	n/a	n/a
Debt	2,189	2,348	n/a	n/a
Operating lease liabilities	37.1	28.2	n/a	n/a
Other liabilities	1,172	1,074	n/a	n/a
Total liabilities and equity	4,294	4,222	n/a	n/a
Fixed assets	102	97.8	n/a	n/a
Goodwill	1,742	1,722	n/a	n/a
Intangible assets	568	585	n/a	n/a
Cash and equivalents	341	264	n/a	n/a
Receivables	498	524	n/a	n/a
Inventory	297	314	n/a	n/a
Other assets	746	716	n/a	n/a
Total assets	4,294	4,222	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	765	789	756	696	750	777	741	774	752	808	751	757
Cost of revenue	406	418	384	361	396	414	391	403	396	434	398	392
Gross profit	359	371	372	336	354	362	350	370	356	374	352	365
Gross margin	47%	47%	49%	48%	47%	47%	47%	48%	47%	46%	47%	48%
R&D	39.1	43.1	44.5	45.1	45.7	42.4	40.2	47.5	44.4	43.6	41.4	35.1
SG&A	157	162	165	156	157	151	160	167	151	161	159	168
Operating income	143	146	142	114	132	149	130	136	142	153	135	147
Operating margin	19%	19%	19%	16%	18%	19%	18%	18%	19%	19%	18%	19%
Pre-tax income	120	124	163	92.0	112	130	111	121	136	140	121	43.8
Tax rate	24%	15%	16%	24%	18%	5%	21%	24%	24%	12%	22%	37%
Net income	90.6	106	137	70.1	91.8	124	87.9	91.9	103	124	94.3	27.4
Net margin	12%	13%	18%	10%	12%	16%	12%	12%	14%	15%	13%	4%
Diluted EPS	$0.58	$0.68	$0.88	$0.45	$0.60	$0.82	$0.59	$0.62	$0.70	$0.85	$0.66	$0.20
Operating cash flow	132	165	91.5	46.1	122	168	110	100	110	190	46.5	116
Capital expenditure	17.4	16.6	20.2	23.8	18.6	20.1	17.7	16.7	20.2	15.3	21.7	21.4
Free cash flow	114	148	71.3	22.3	103	148	92.7	83.3	90.3	175	24.8	94.9
Buybacks	11.6	13.1	21.6	38.1	105	60.1	55.0	50.1	70.0	125	70.0	130
Dividends paid	3.9	3.8	3.9	3.8	3.8	3.7	3.7	3.7	3.7	3.6	3.5	3.6
Shares outstanding	154m	154m	155m	154m	151m	149m	148m	147m	146m	142m	141m	136m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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-K for the period ended 31 December 2023, filed 15 February 2024, accession 0001786842-24-000015: the filing on EDGAR. All of Vontier Corp.'s filings: EDGAR company page.

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