Veralto Corporation reported a total revenue of $5.2 billion for the fiscal year ending December 31, 2024, marking a 3.4% increase from $5.0 billion in 2023. Core sales, which exclude the effects of acquisitions and currency fluctuations, rose by 3.7%. The company's net earnings for 2024 were approximately $833 million, or $3.34 per diluted share, slightly down from $839 million, or $3.40 per diluted share, in the previous year. The decline in profitability was attributed to higher operating expenses, standalone public company costs, and increased interest expenses following its separation from Danaher Corporation in September 2023.
In terms of strategic developments, Veralto completed the acquisition of TraceGains, a cloud-based software provider, for $349 million in October 2024. This acquisition is expected to enhance Veralto's Product Quality & Innovation segment. Additionally, the company made a CAD $20 million investment in Axine Water Technologies, further expanding its capabilities in water treatment solutions. These acquisitions align with Veralto's strategy to bolster its product offerings and market presence.
Operationally, Veralto's workforce comprised nearly 17,000 employees as of December 31, 2024, with significant representation in North America (approximately 6,500 employees) and high-growth markets (5,000 employees). The company serves over 149,000 customers globally, including municipal utilities and industrial clients, and reported that approximately 61% of its sales were derived from recurring revenue sources such as consumables and services. The Water Quality segment generated $3.1 billion in sales, while the Product Quality & Innovation segment contributed $2.1 billion.
Looking ahead, Veralto anticipates continued growth in 2025, particularly in its Water Quality segment, driven by strong demand for industrial water treatment solutions in North America. The company expects steady demand across municipal markets in North America and Europe, although it acknowledges ongoing challenges in the Chinese market. Veralto's management remains focused on leveraging its Veralto Enterprise System to enhance operational efficiency and profitability amid a challenging macroeconomic environment. The company is also committed to pursuing strategic acquisitions to support its long-term growth objectives.
About Veralto Corp
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