Avantor® Reports Second Quarter 2021 Results
RADNOR, Pa., July 29, 2021 /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 June 30, 2021.
"Our exceptional second quarter performance reflects the strong momentum across each of our end markets, reinforces the relevance of our business model and highlights our continued track record of execution," said Michael Stubblefield, President and Chief Executive Officer of Avantor.
"Our outstanding top-line growth was accompanied by substantial growth in earnings and free cash flow. We continue to invest in our long-term growth strategy, including capacity expansions and the completion of two acquisitions, Ritter GMBH and RIM Bio, which will enhance our proprietary offerings and extend our geographic reach. We are proud to have issued our first corporate sustainability report and look forward to advancing our initiatives on culture, environment, community and governance. We are well positioned to capitalize on expanded opportunities across our end markets and have again raised our guidance for full year results," Stubblefield concluded.
Second Quarter 2021
Diluted GAAP earnings per share were $0.24 as compared to $0.08 for the comparable prior period, while adjusted EPS were $0.35 as compared to $0.19 for the comparable prior period.
Operating cash flow in the quarter was $263.8 million, while free cash flow in the quarter was $265.0 million.
As of June 30, 2021, adjusted net leverage was 3.8x, up from 3.5x as of March 31, 2021 reflecting an increase from the Ritter and RIM Bio acquisitions, offset by ongoing deleveraging.
Second Quarter 2021 – Segment Results
Adjusted EBITDA margin increased 50 basis points to 23.5%, as compared to 23.0% in the comparable prior period.
Adjusted EBITDA margin increased 165 basis points to 18.6%, as compared to 16.9% in the comparable prior period.
Adjusted EBITDA margin increased 65 basis points to 23.2%, as compared to 22.5% in the comparable prior period.
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/.
Use of non-GAAP Financial Measures
The non-GAAP financial measures used in this press release are sales growth on an 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
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, our Form 10-Q for the first quarter of 2021 and our Form 10-Q for the second quarter of 2021, 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.
Investor Relations Contact
SOURCE Avantor and Financial News
Driving Production Lessons from the Automotive Industry
Virtualization and the Cloud
Lunch Vouchers Provided to Paid Conference Pass Holders, Exhibitors, Sponsors, Speakers, Press