Vontier Corporation (NYSE:VNT) Q1 2024 Earnings Conference Call May 2, 2024 8:30 AM ET

Company Participants

Ryan Edelman - VP, IR
Mark Morelli - President and CEO
Anshooman Aga - SVP and CFO

Conference Call Participants

Nigel Coe - Wolfe Research
David Ridley-Lane - Bank of America
Joseph Donahue - Baird
Julian Mitchell - Barclays

Operator

Good morning, ladies and gentlemen, and welcome to the Vontier First Quarter 2024 Earnings Call. [Operator Instructions] This call is being recorded on Thursday, May 2, 2024, and a 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 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 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 will also make forward-looking statements within the meanings 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.

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

Mark Morelli

Thanks, Ryan, and good morning, everyone. Thank you for joining us to discuss our Q1 results.

I'll start with some high-level commentary on the quarter, beginning on Slide 3. Our teams delivered a solid start to 2024 with first-quarter results that achieved the high-end of our core guidance and exceeded our profitability targets. Core sales increased 4% and we delivered 130 basis-points of margin expansion. Volumes contributed the bulk of our core growth, although price remains positive.

We continue to capitalize on the momentum we are seeing across most of our key growth verticals, particularly within convenience retail, fueling, fleet management and alternative energy. Successful convenience store chains and fleet operators are engaged in multi-year expansion plans and accelerating a transition to a more modern mobility infrastructure.