Veralto lifts annual profit forecast on sustained demand for water quality products

Reuters10-24

Oct 23 (Reuters) - Veralto raised its annual adjusted profit forecast on Wednesday, for the third time this year, as the water treatment solutions provider expects sustained demand for its chemical treatment services and UV-filtration systems.

Veralto, which was spun off from the life sciences firm Danaher in September last year, provides quality control services to companies in the packaging goods sector and makes products that can measure water quality.

The company's water quality segment has seen a sustained demand from both municipalities and industrial customers, while its product quality and innovation segment has benefited from a surge in consumer goods spending, following a post-pandemic slowdown.

The Waltham, Massachusetts-based company now sees annual adjusted profit in the range of $3.44 to $3.48 per share, up from its prior estimated range of $3.37 to $3.45 per share.

Third-quarter adjusted profit for the company came in at 89 cents per share, surpassing analysts' average estimate of 85 cents per share, according to data compiled by LSEG.

Net sales for the third quarter, ended September 27, rose 4.7% to $1.31 million, compared with estimates of $1.30 billion.

(Reporting by Utkarsh Shetti and Aatreyee Dasgupta in Bengaluru; Editing by Mohammed Safi Shamsi)

((UtkarshUmesh.Shetti@thomsonreuters.com;))

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Veralto, which was spun off from the life sciences firm Danaher    in September last year, provides quality control services to companies in the packaging goods sector and makes products that can measure water quality.   The company's water quality segment has seen a sustained demand from both municipalities and industrial customers, while its product quality and innovation segment has benefited from a surge in consumer goods spending, following a post-pandemic slowdown.    The Waltham, Massachusetts-based company now sees annual adjusted profit in the range of $3.44 to $3.48 per share, up from its prior estimated range of $3.37 to $3.45 per share.   Third-quarter adjusted profit for the company came in at 89 cents per share, surpassing analysts' average estimate of 85 cents per share, according to data compiled by LSEG.   Net sales for the third quarter, ended September 27, rose 4.7% to $1.31 million, compared with estimates of $1.30 billion. 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