Veralto lifts annual profit forecast on sustained demand for water quality products

Veralto

23/10/2024 22:41

Oct 23 (Reuters) - Veralto  VLTO.N  raised its annual
adjusted profit forecast on Wednesday, for the third time this
year, as the water treatment solutions provider expects
sustained demand for its chemical treatment services and
UV-filtration systems.
    Veralto, which was spun off from the life sciences firm
Danaher  DHR.N  in September last year, provides quality control
services to companies in the packaging goods sector and makes
products that can measure water quality.
    The company's water quality segment has seen a sustained
demand from both municipalities and industrial customers, while
its product quality and innovation segment has benefited from a
surge in consumer goods spending, following a post-pandemic
slowdown. 
    The Waltham, Massachusetts-based company now sees annual
adjusted profit in the range of $3.44 to $3.48 per share, up
from its prior estimated range of $3.37 to $3.45 per share.
    Third-quarter adjusted profit for the company came in at 89
cents per share, surpassing analysts' average estimate of 85
cents per share, according to data compiled by LSEG.
    Net sales for the third quarter, ended September 27, rose
4.7% to $1.31 million, compared with estimates of $1.30 billion.

 (Reporting by Utkarsh Shetti and Aatreyee Dasgupta in
Bengaluru; Editing by Mohammed Safi Shamsi)
 ((UtkarshUmesh.Shetti@thomsonreuters.com;))