Vontier Corporation (NYSE:VNT) Q2 2023 Earnings Conference Call August 3, 2023 8:00 AM ET

Company Participants

Ryan Edelman - Vice President, Investor Relations

Mark Morelli - President and Chief Executive Officer

Anshooman Aga - Chief Financial Officer

Conference Call Participants

Julian Mitchell - Barclays

David Ridley-Lane - Bank of America

Nigel Coe - Wolfe Research

Operator

Good morning, ladies and gentlemen, and welcome to the Vontier Second Quarter 2023 Earnings Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Thursday, August 3, 2023, and the replay will be made available shortly after.

I would now like to turn the conference over to Ryan Edelman, Vontier's Vice President of Investor Relations. Please go ahead.

Ryan Edelman

Thank you. Good morning, everyone and thank you for joining us on the call this morning to discuss our second quarter results. With me today are Mark Morelli, our President and Chief Executive Officer; and Anshooman Aga, our Senior Vice President and Chief Financial Officer.

You can find both our press release as well as our slide presentation that we will refer to during today's call on the Investor Relations section of our website at investors.vontier.com.

Please note that during today's call, we will present certain non-GAAP financial measures. We'll also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future.

These forward-looking statements are subject to risks and uncertainties. Actual results might differ materially from any forward-looking statements that we make today. We do not assume any obligation to update them. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available on our website and in our SEC filings.

Before I hand the call over to Mark, I want to take a moment to remind everyone that beginning last quarter, we are now reporting and discussing our results in line with our updated segmentation. Additional information regarding our segmentation is included in the appendix of today's presentation.

With that, I'd like to turn the call over to Mark.

Mark Morelli

Thanks Ryan. Good morning, everyone, and thanks for joining us on today's call. Let me kick things off with some high-level commentary beginning on slide five.

We continue to deliver on our commitments, accelerating baseline growth and profitability in Q2 and demonstrating strong traction on our connected mobility strategy. We delivered another quarter of strong top line performance above our expectations with baseline core growth of 9%. As a reminder, baseline core growth excludes the year-over-year impact from the EMV sunset, which continues to play out as anticipated. There is no change to our outlook for the EMV related trough in 2023, which is setting us up for accelerating core growth in 2024 and beyond. All three segments contributed to the upside.