Vontier Corporation (NYSE:VNT) Q1 2023 Results Conference Call May 4, 2023 8:30 AM ET

Company Participants

Ryan Edelman - VP, IR

Mark Morelli - President and CEO

Anshooman Aga - SVP and CFO

Conference Call Participants

Julian Mitchell - Barclays

Nigel Coe - Wolfe Research

Guy Hardwick - Credit Suisse

Joseph Donahue - Baird

Operator

My name is Travis, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to Vontier Corporation's First Quarter 2023 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Ryan Edelman, Vice President of Investor Relations. Mr. Edelman, you may begin your conference.

Ryan Edelman

Thank you. Good morning, everyone, and thank you for joining us on the call this morning to discuss our first 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'll 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 vontier.com. Please note that during today's call, we will present certain non-GAAP financial measures. We will 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, and 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 turn the call over to Mark, I want to take a moment to remind everyone that starting this quarter, we are 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 5. We're off to a strong start in 2023, having delivered Q1 results that are above the guidance we provided and raising our outlook for the full year. We delivered another quarter of strong top line performance in Q1 with all 3 segments exceeding expectations. Core revenue grew 4%. Baseline core revenue, which excludes the year-over-year impact from the EMV sunset grew 11%. Both of these were above the guidance we provided. Anshooman will provide more details later in the call, but at a high level, upside was driven by better-than-expected demand in our U.S. Dispenser business as well as continued strength in our Environmental and aftermarket and our Fueling segment.