Veralto beats Q1 results on strength in water quality unit

Veralto

23/04/2024 22:41

April 23 (Reuters) - Water treatment solutions provider
Veralto  VLTO.O  beat Wall Street estimates for quarterly
results on Tuesday, helped by strong demand for its chemical
treatment services and UV filtration systems from customers in
North America.
    The company's water quality segment, which provides tests
and analytical measurement tools through the Hach brand and
membrane filtration systems through the Trojan Technologies
brand, has seen strong demand from industrial customers and
municipalities in Europe and North America.
    "In our water quality segment, we continue to see positive
secular growth drivers across industrial markets, particularly
in North America, along with steady demand at municipalities."
said CEO Jennifer Honeycutt.
    In 2023, the Waltham, Massachusetts-based company generated
roughly 47% of its sales from North America and about 22% from
Western Europe. 
    Veralto, which was spun-off from life sciences firm Danaher
 DHR.N  in September last year, provides products that help
ensure water quality, and offers packaging and quality control
solutions to businesses in industries including pharmaceutical
and consumer packaged goods. 
    Veralto reported net sales of $1.25 billion for the first
quarter ended March 29, compared with estimates of $1.23
billion. 
        Its quarterly adjusted earnings of 84 cents per share
also topped analysts' estimate of 76 cents per share. 
    It also raised its forecast for full-year adjusted profit to
a range of $3.25 to $3.34 per share, from $3.20 to $3.30 per
share estimated previously. Analysts on average expect $3.29 per
share, LSEG data showed. 
        Shares of the company rose 1.47% in after-hours trading.

 (Reporting by Deborah Sophia and Rupali Chaudhary in Bengaluru;
Editing by Shailesh Kuber)
 ((DeborahMary.Sophia@thomsonreuters.com;))