RADNOR, PA – Avantor, Inc. (NYSE: NYSE:), a global provider of mission-critical products and services to the life sciences and advanced technology sectors, reported its shares rose slightly by 0.64% after reporting first-quarter results. earnings that slightly exceeded analysts’ expectations.
The company reported adjusted earnings per share (EPS) of $0.22, slightly above the consensus estimate of $0.20. Meanwhile, revenue met analysts’ forecasts at $1.68 billion for the quarter.
Compared to the same period last year, Avantor’s net sales decreased by 5.6%, while organic sales fell by 6.3%. Despite the decline in sales, company management remains positive.
“The year started well as organic revenue growth in the first quarter was in line with our guidance and disciplined execution led to outperformance in profitability and profitability,” said Michael Stubblefield, President and Chief Executive Officer. He also highlighted the company’s progress in implementing a new operating model and a multi-year cost transformation initiative aimed at increasing efficiency and better meeting customer needs.
The company’s net income fell significantly to $60.4 million from $121.5 million in the first quarter of last year. Adjusted net income also fell to $150.6 million from $195.4 million in the prior-year comparable period. Despite this decline, Avantor’s adjusted EBITDA was $283 million with a margin of 16.8% and an adjusted operating margin of 15.4%.
In the Laboratory Solutions segment, net sales decreased by 3.8%, and in the Biological Manufacturing segment the decline was more pronounced – by 9.5%. Both segments also saw a decline in adjusted operating income and profitability compared to the prior year’s first quarter.
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