PR Newswire
RADNOR, Pa., April 28, 2022
RADNOR, Pa., April 28, 2022 /PRNewswire/ -- Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences, advanced technologies and applied materials industries, today reported financial results for the quarter ended March 31, 2022.
"Avantor kicked off 2022 with another strong quarter across all key financial metrics. Despite a challenging macroeconomic environment, we continued our track record of execution by delivering core organic growth of 7.3% and approximately 140 basis points in Adjusted EBITDA margin expansion. Ongoing momentum in our end markets is encouraging, particularly in Biopharma, where we realized more than 20% growth in bioproduction," said Michael Stubblefield, President and Chief Executive Officer of Avantor.
"We are successfully advancing our long-term growth strategy by consistently meeting the evolving needs of our global customer base and enabling scientific breakthroughs that create value for all stakeholders. The investments we made during the quarter in manufacturing capacity and innovation, as well as the strong contributions we are realizing from our three recent acquisitions are fortifying our position as a life sciences leader. This continued strong performance gives us increased confidence in our full year outlook and we are raising our adjusted EPS guidance range," Stubblefield concluded.
First Quarter 2022
For the three months ended March 31, 2022, net sales were $1.95 billion, an increase of 9.2% compared to the first quarter of 2021. Foreign currency translation had an unfavorable impact of 2.5% with M&A adding 6.6%, resulting in organic sales growth of 5.1%. Net income increased to $190.4 million from $164.0 million in the first quarter of 2021 and adjusted net income was up 14.7% from the prior year. Adjusted EBITDA increased 16.5% to $423.1 million, and Adjusted EBITDA margin expanded by approximately 140 basis points to 21.7%, as compared to 20.3% in the comparable prior period.
Diluted earnings per share on a GAAP basis was $0.28, while adjusted EPS was $0.38.
Operating cash flow in the quarter was $152.2 million, while free cash flow in the quarter was $127.7 million.
Adjusted net leverage was 4.0X as of March 31, 2022, down from 4.2X as of December 31, 2021, and in line with our target leverage of 2-4X.
First Quarter 2022 – Segment Results
Management uses Adjusted EBITDA to measure and evaluate the internal operating performance of the Company's business segments. Adjusted EBITDA is also our segment reporting profitability measure under generally accepted accounting principles.
Americas
Europe
AMEA
Conference Call
Avantor will host a conference call to discuss its results tomorrow, April 29, at 7:30 a.m. Eastern Daylight Time. A live webcast can be accessed on the investors section of our website. Or you may listen to the call by dialing (844) 200 6205 (domestic) or (929) 526 1599 (international) and use the conference code 889684. Prior to the webcast, a presentation relating to the earnings call will be available on the Company's website.
Following the live webcast, a replay of the webcast and the slide presentation will be available at https://ir.avantorsciences.com/investors/news-and-events/events/default.aspx.
About Avantor
Avantor®, a Fortune 500 company, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. Our portfolio is used in virtually every stage of the most important research, development and production activities in the industries we serve. Our global footprint enables us to serve more than 225,000 customer locations and gives us extensive access to research laboratories and scientists in more than 180 countries. We set science in motion to create a better world. For more information, please visit www.avantorsciences.com.
Use of non-GAAP Financial Measures
To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles ("GAAP") with certain non-GAAP financial measurements that we believe are useful to investors, creditors and others in assessing our performance. These measures should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly titled measures reported by other companies. Rather, these measures should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements included in reports filed with the SEC in their entirety and not rely solely on any one, single financial measurement or communication.
The non-GAAP financial measures used in this press release are sales growth on an organic basis, sales growth on a core organic basis, Adjusted EBITDA, adjusted net income, adjusted EPS, adjusted net leverage and free cash flow.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "project," "projection," "seek," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning.
Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in "Risk Factors" in our most recent Annual Report on Form 10-K and quarterly report on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.
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Avantor, Inc. and subsidiaries | |||
Unaudited condensed consolidated statements of operations | |||
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(in millions, except per share data) | Three months ended March 31, | ||
2022 | | 2021 | |
Net sales | $ 1,950.4 | | $ 1,785.6 |
Cost of sales | 1,260.5 | | 1,172.8 |
Gross profit | 689.9 | | 612.8 |
Selling, general and administrative expenses | 382.9 | | 346.5 |
Operating income | 307.0 | | 266.3 |
Interest expense | (64.8) | | (51.5) |
Loss on extinguishment of debt | (1.8) | | (5.2) |
Other income, net | 1.4 | | 1.8 |
Income before income taxes | 241.8 | | 211.4 |
Income tax expense | (51.4) | | (47.4) |
Net income | 190.4 | | 164.0 |
Accumulation of yield on preferred stock | (16.1) | | (16.1) |
Net income available to common stockholders | $ 174.3 | | $ 147.9 |
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Earnings per share: | | | |
Basic | $ 0.29 | | $ 0.25 |
Diluted | $ 0.28 | | $ 0.25 |
Weighted average shares outstanding: | | | |
Basic | 610.1 | | 581.1 |
Diluted | 681.3 | | 589.1 |
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Avantor, Inc. and subsidiaries | |||
Unaudited condensed consolidated balance sheets | |||
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(in millions) | March 31, | | December 31, |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ 283.6 | | $ 301.7 |
Accounts receivable, net | 1,345.4 Werbung Mehr Nachrichten zur AVATAR HOLDINGS INC Aktie kostenlos abonnieren
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