VWR Corporation Reports Second Quarter 2017 Financial Results

Operating income was $80.7 million, down $3.9 million compared to the prior year. GAAP diluted EPS was $0.28 compared to $0.32 in the prior year quarter, while Adjusted EPS increased 16.7% year-over-year to $0.49, up from $0.42 in the prior year quarter.

Second Quarter 2017 – Segment Results

Americas

Net sales were $726.4 million, up $31.5 million, or 4.5% compared to prior year, and up 2.1% on an organic basis. The increase in the Americas net sales was driven by strong sales of equipment and instrumentation.

Operating income was $42.2 million, down $1.4 million or 3.2% compared to prior year. Second quarter 2017 operating income includes $0.9 million of restructuring charges, $9.0 million of acquisition related costs, $2.5 million earn-out adjustment loss, and $0.5 million of purchase accounting adjustment charges.

EMEA-APAC

Net sales were $448.9 million, down $5.7 million, or 1.3% year-over-year. Foreign currency reduced net sales by $16.4 million, or 3.6%, while acquisitions less dispositions reduced revenues by $1.4 million, or 0.3%. On an organic basis, net sales increased 2.7%.

Operating income was $38.5 million, down $2.5 million compared to prior year. Second quarter 2017 operating income included $1.8 million of restructuring charges, $1.6 million earn-out adjustment gain, and $1.3 million of transaction costs.

Greg Cowan, Senior Vice President and Chief Financial Officer, commented: "The transaction with Avantor continues to progress. The combined company's suite of products, services and solutions will enable us to generate a higher degree of relevance with Biopharma and Industrial customers. In addition, the move creates a robust product and service offering for production-scale biopharma and gives VWR access to an expanded geographic footprint, particularly in the Asia-Pacific region. Finally, the combination is anticipated to generate significant synergies over the next three years. We look forward to consummating the transaction, which we believe will drive significant value for our customers, shareholders and our employees."

Use of Non-GAAP Financial Measures

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 are used by management, and which we believe are useful to investors, as supplemental operational measurements to evaluate our financial performance. These measurements 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 measurements, and such measurements may not be comparable to similarly-titled measurements reported by other companies. Rather, these measurements 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 publicly filed reports in their entirety and not rely solely on any one, single financial measurement or communication.

The non-GAAP measurements used in this press release are Adjusted EPS and organic net sales:

• Adjusted EPS is a non-GAAP financial measurement that eliminates the effect of the amortization of acquired intangible assets, restructuring charges, impairment charges, changes in foreign currency exchange rates related to financing decisions and certain other items. We then add or subtract an estimated incremental income tax effect applicable to those items. We believe that this measurement is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measurement is used by our management for the same reason.
• Organic net sales is a non-GAAP financial measurement that eliminates the contribution from recently acquired businesses and the impact of changes in foreign currency exchange rates from our reported net sales. We believe that this measurement is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across the periods presented. This measurement is used by our management for the same reason.

Reconciliations of our non-GAAP measurements to their most directly comparable GAAP-based financial measurements are included at the end of this press release.

About VWR Corporation

VWR (NASDAQ: VWR), headquartered in Radnor, Pennsylvania, is the leading global independent provider of product and service solutions to laboratory and production customers. With sales in excess of $4.5 billion in 2016, VWR enables science for customers in the pharmaceutical, biotechnology, industrial, education, government and healthcare industries. With more than 160 years of experience, VWR has cultivated a value proposition delivering product choice, operational excellence and differentiated services to improve our customers' productivity from research to production. VWR's differentiated services provide innovative, flexible and customized solutions from scientific research services to custom-manufactured chemical blends. Our dedicated team of more than 10,200 associates is focused on supporting scientists, medical professionals and production engineers to achieve their goals.

Forward-Looking 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 recently filed Annual Report on Form 10-K and our Form 10-Q that will be filed later today.

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.

VWR Corporation and Subsidiaries
Condensed Consolidated Income Statements (Unaudited)
	Three months ended June 30,								Six months ended June 30,
(in millions, except per share data)	2017				2016				2017				2016
Net sales	$	1,175.3			$	1,149.5			$	2,314.4			$	2,247.8
Cost of goods sold	844.8				826.1				1,664.2				1,613.8
Gross profit	330.5				323.4				650.2				634.0
Selling, general and administrative expenses	249.8				238.8				488.0				469.7
Operating income	80.7				84.6				162.2				164.3
Interest expense	(20.6)				(20.7)				(39.3)				(39.9)
Other income (expense), net	(2.8)				0.1				(3.5)				(0.5)
Income before income taxes	57.3				64.0				119.4				123.9
Income tax provision	(20.3)				(22.2)				(43.9)				(43.3)
Net income	$	37.0			$	41.8			$	75.5			$	80.6
Earnings per share:
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