Shares of Vontier Corporation (NYSE: VNT) surged 6.31% on October 31, 2024, after the global mobility technology provider reported strong third-quarter results that exceeded expectations and raised its full-year outlook.

In the third quarter ended September 27, 2024, Vontier's adjusted earnings per share of $0.73 beat the consensus estimate of $0.69, while sales of $750 million also topped expectations of $728.3 million. The company's Environmental & Fueling Solutions segment was a key growth driver, with core sales increasing 8.5% year-over-year, driven by robust demand for dispenser equipment, aftermarket parts, and environmental equipment in both North America and international markets.

Buoyed by the solid Q3 performance, Vontier narrowed its full-year 2024 guidance. The company now expects adjusted EPS to be around $2.90 (midpoint) and total sales in the range of $2,955 million to $2,985 million, reflecting an increase of 0.7% to 1.7% in core sales compared to 2023.

Mark Morelli, President and Chief Executive Officer of Vontier, said, "Vontier delivered solid third-quarter results overall, with performance that exceeded our expectations as we continue to capitalize on strong momentum across our Convenience Retail and Fueling end markets." He added, "We are uniquely positioned to lead the evolution in the connected mobility space, and I am confident we are on the right trajectory."

Vontier's strong results and improved outlook underscore the company's ability to capitalize on growth opportunities in the rapidly evolving mobility ecosystem. The company continued to prioritize shareholder returns, repurchasing approximately $105 million worth of shares during the quarter and distributing dividends.