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Vontier Corporation (NYSE: VNT) is a global industrial technology company dedicated to driving productivity, automation, and multi-energy technologies within the rapidly evolving mobility infrastructure industry. Spun off from Fortive in 2020, Vontier operates a diverse portfolio of solutions that enhance safety, efficiency, and sustainability in the transportation sector.
The company's offerings include environmental sensors, fueling equipment, field payment hardware, remote management and workflow software, and vehicle tracking and fleet management software. Notably, Vontier provides key technologies for traffic light control and vehicle mechanics. Their mobility technologies span fuel dispensing, remote fuel management, point-of-sale and payment systems, environmental compliance, and traffic management. Additionally, their diagnostics and repair technologies encompass vehicle repair tools, toolboxes, automotive diagnostic equipment, and wheel-service equipment for automotive tire installation.
In 2023, Vontier achieved sales of approximately $3.1 billion, reflecting its robust market presence and the critical nature of its product suite. One of Vontier's significant initiatives includes the establishment of a $4 million Hydrogen Refueling Test Facility by its subsidiary ANGI Energy Systems in Janesville, Wisconsin. This facility aims to be a cornerstone in the research and development of hydrogen refueling infrastructure, which is pivotal for the future of clean energy in heavy-duty transportation.
ANGI, with over 40 years of expertise in gas compression equipment, launched its hydrogen business in 2022. The new facility, expected to be operational by July 2024, will support strategic expansion and play a vital role in testing hydrogen refueling station systems. This project will not only accelerate the development of low carbon technologies but also foster strategic partnerships and investment in the hydrogen economy. ANGI is also focusing on collaborations with local colleges to create apprenticeship opportunities, aiming to cultivate a highly skilled workforce.
Vontier's commitment to innovation is evident in its continuous development of advanced technologies and solutions that optimize and decarbonize the fleet industry. The company's culture is built on continuous improvement, leveraging the Vontier Business System to drive performance and innovation across its global operations.
For more details about Vontier and its comprehensive suite of products and services, visit the company's website.
Vontier's new survey reveals important insights into EV driver preferences, highlighting safety as a key factor in charging station choice. Nearly 80% of EV drivers would go out of their way for a safe charging location, while 67% prefer stations near shopping areas. The study underscores the importance of well-lit, secure, and conveniently located charging stations in accelerating EV adoption.
Vontier (NYSE: VNT), a global industrial technology company, is addressing these concerns by partnering with major convenience store chains to deploy safe and convenient charging infrastructure. Their portfolio company EVolve, which includes Driivz, manages over 85,000 charging ports globally. Gilbarco Veeder-Root's Konect solution offers a turnkey approach for convenience stores to integrate charging with existing services.
As states deploy NEVI Formula Program funds for fast-charging stations, Vontier aims to create charging options prioritizing driver safety and comfort, potentially increasing station utilization and profitability.
Vontier (NYSE: VNT) has announced a $100 million accelerated share repurchase (ASR) agreement with Goldman Sachs. This move is part of Vontier's existing $500 million share repurchase authorization, which had approximately $290 million remaining as of August 1, 2024. The ASR is expected to be settled during the third quarter of 2024, funded by available cash on-hand.
CEO Mark Morelli emphasized the company's commitment to unlocking shareholder value and confidence in Vontier's long-term strategic vision. After this ASR, Vontier will have about $190 million remaining in its current repurchase authorization. The company intends to continue repurchases to drive shareholder value, subject to various factors including market conditions.
Vontier (NYSE: VNT) reported its Q2 2024 results, showing a 9% decline in sales to $696.4 million and a 3% decline in core sales. The company's GAAP diluted net EPS was $0.45, while adjusted diluted net EPS was $0.63. Operating cash flow was $46 million, with adjusted free cash flow at $26 million. Vontier has lowered its full-year 2024 outlook and initiated Q3 2024 guidance. The company also announced plans for an Accelerated Share Repurchase Plan.
Segment-wise, Environmental & Fueling Solutions saw an 8% decline in reported sales, Mobility Technologies experienced a 1% decline, and Repair Solutions reported a 5% decrease. The company attributes these results to delayed customer projects, reduced discretionary spending, and macroeconomic pressures.
Vontier (NYSE: VNT), a global provider of critical technologies for the mobility ecosystem, has scheduled its second quarter 2024 earnings call for Thursday, August 1, 2024, at 8:30 a.m. ET. The company will release its Q2 2024 earnings results on the same day. Investors can access the call via webcast or by dialing +1 800-549-8228 with the conference ID: 92715.
Conference call materials will be available on Vontier's investor relations website prior to the call. A replay of the webcast will be accessible shortly after the presentation concludes, both on the website and by phone at +1 888-660-6264 using passcode 92715.
A recent Vontier (NYSE: VNT) survey reveals that nearly 60% of drivers are willing to pay more for convenience store products if it means making just one stop. The study shows that 80% of motorists would even drive out of their way to visit their preferred convenience store. Despite rising food prices, consumers are placing a significant premium on convenience, with many willing to pay a 10-11% markup for items like made-to-order meals and snacks. The survey also highlights that 61% of respondents have a favorite convenience store, and almost half would delay a restroom break or risk driving on empty to reach it. Additionally, 62% value mobile ordering, and 73% appreciate extra services like car washes. The landscape of convenience stores is evolving, with new tech and services turning them into essential stops for travelers.
Vontier (NYSE: VNT) has been named to TIME's inaugural World's Most Sustainable Companies 2024 list. Out of thousands of eligible companies, only 500 were selected, with less than 25% headquartered in the U.S. Vontier's recognition is based on its CDP score and alignment with GRI and SASB, among other metrics. Key sustainability achievements include a Total Recordable Incident Rate (TRIR) of .36, a 36% year-over-year reduction, and early achievement of its 2026 DART goal with a rate of .21, a 47% reduction. The company also reported a 20% year-over-year reduction in Scope 1 and 2 GHG emissions and increased representation of women and racial minorities in leadership roles.
Vontier (NYSE: VNT) has published its 2024 Sustainability Report on World Environment Day, showcasing significant progress in safety, sustainability, and innovation. The report details key accomplishments over the past year across four main areas:
Better Team: Achieved a Total Recordable Incident Rate (TRIR) of 0.36, a 36% reduction year-over-year, and met its 2026 DART goal early with a rate of 0.21, a 47% reduction. Increased global leadership representation of women to 32% and U.S. ethnic/racial minorities to 27%.
Better Innovations: Supported decarbonization with multi-energy fueling solutions and drove safety innovations in payment security, underground leak prevention, and electric vehicle repair tools.
Better Planet: Joined the UN Global Compact's “Forward Faster” initiative and achieved a 20% reduction in Scope 1 and 2 GHG emissions year-over-year, totaling a 40% reduction from 2020 levels. Named a Finalist for the Reuters Global Energy Transition Awards.
Better Society: Contributed $1M in volunteer hours through the Vontier Day of Caring and achieved 100% employee participation in a psychological safety course.
Vontier (NYSE: VNT) showcased technological innovations at the Retail Technology Conference, UNITI Expo, and ACT Expo in May 2024. These innovations include the Konect EV charging infrastructure, FlexPay 6 Payment Terminals, the iNFX cloud-based software, and the Electric Vehicle Evaluator tool. These solutions aim to modernize the mobility ecosystem through seamless integration, scalability, and enhanced customer experience. Vontier's commitment to innovation has led to a significant increase in product launches, positioning the company to capitalize on the growing investments in mobility infrastructure.
Vontier (NYSE: VNT), a global provider of critical technologies for the mobility ecosystem, has declared a regular quarterly cash dividend of $0.025 per share. The dividend will be payable on June 27, 2024, to shareholders of record as of June 6, 2024. While Vontier plans to continue paying dividends on a quarterly basis, future declarations, amounts, record dates, and payment dates will be determined at the discretion of its Board of Directors.
Vontier (NYSE: VNT) appointed Darrell Thomas to its Board of Directors on June 4, 2024. Darrell brings extensive financial and regulatory experience from roles at companies like Harley-Davidson and PepsiCo. His addition is expected to enhance Vontier's strategic decision-making and governance.
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