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Vontier Corporation (VNT-1.75%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total sales of $2.979 billion, a decrease from $3.095 billion in the previous year. The decline is attributed to divestitures and currency exchange impacts.
Operating profit for the year was $537.0 million, compared to $543.4 million in the prior year. The decrease is primarily due to increased research and development expenses.
Net earnings for the year were $422.2 million, up from $376.9 million in the previous year. The increase in net earnings is attributed to gains from the sale of the Coats business.
The company reported a gross margin improvement with cost of sales decreasing to 52.2% of sales from 53.8% in the prior year.
Vontier's effective tax rate for the year was 15.2%, down from 22.0% in the previous year, due to favorable impacts from business reorganizations and divestitures.
The company repurchased 6.3 million shares for $224.7 million during the year, under its share repurchase program.
Vontier continues to focus on its strategic priorities, including portfolio diversification and the expansion of its e-mobility solutions.
The company maintains a strong liquidity position with $356.4 million in cash and cash equivalents and $750.0 million available under its revolving credit facility.
The filing highlights risks related to competition, regulatory compliance, and market conditions, consistent with prior disclosures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vontier Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.