09:49 AM EDT, 08/01/2024 (MT Newswires) -- Vontier ( VNT ) shares fell by more than 13% in early trading Thursday after the company reported lower Q2 adjusted earnings and sales and cut its 2024 guidance.

The industrial technology company reported fiscal Q2 adjusted net earnings of $0.63 per diluted share, down from $0.67 a year earlier.

Analysts surveyed by Capital IQ expected $0.70.

Sales for the quarter ended June 28 were $696.4 million, down from $764.4 million a year earlier.

Analysts surveyed by Capital IQ expected $746.4 million.

For Q3, the company said it expects adjusted net earnings of $0.67 to $0.71 per diluted share. Analysts polled by Capital Iq expect $0.78.

Sales for the quarter are expected between $715 million to $740 million. Analysts surveyed by Capital IQ expect $768.7 million.

Vontier ( VNT ) said it now expects 2024 adjusted EPS of $2.80 to $3, down from its prior guidance of $3 to $3.15. Analysts polled by Capital IQ expect $3.09.

Sales for the year are now expected between $2.90 billion and $3 billion, compared with Vontier's ( VNT ) earlier forecast of $3.04 billion to $3.10 billion. Analysts surveyed by Capital IQ expect $3.08 billion.

Price: 34.21, Change: -5.02, Percent Change: -12.80