Club name Veralto delivered a solid first earnings report as a public company, offering assurances that the business playbook it learned from its former owner, Danaher , will be utilized as it charts its own course independent of the life sciences giant. Sales rose 3% year over year to $1.26 billion in the three months ended Sept. 30. Adjusted earnings per share came in at 75 cents in the quarter, one penny below the same period a year ago had it been a standalone firm at the time.
mountain 2023-10-02 Veralto since Oct. 2, 2023 Shares of Veralto, an industrial S & P 500 company focusing on water and packaging quality, rose modestly on Thursday, shaking off earlier declines, to trade around $71.50 each. When the Veralto spinoff from Danaher was completed earlier this month, shareholders like us received one
share for every three shares of DHR owned. At the time, we decided to keep our shares. Bottom line Nothing in Veralto's report Wednesday night or on Thursday morning's conference call was all that revelatory. Of course, Veralto's stock has struggled since it began trading at the start of October. But the weakness isn't exactly a shock due to the nature of spin-offs, which give investors stakes in new companies they don't necessarily want to own.