NEW YORK - Avantor Inc . (NYSE:AVTR) reported mixed third-quarter results with revenue falling short of analysts' expectations, sending shares down 2.36% in premarket trading Friday.
The life sciences and advanced technology company posted adjusted earnings per share of $0.26, edging past the consensus estimate of $0.25. However, revenue of $1.71 billion missed analysts' projections of $1.72 billion.
Net sales declined 0.3% YoY, or 0.7% on an organic basis. The company's Bioscience Production segment saw a 3.2% revenue drop to $542.9 million, while Laboratory Solutions revenue rose 1.1% to $1.17 billion.
"Our team delivered another quarter of solid financial results, including outperformance in bioprocessing and a return to growth in our laboratory solutions segment," said Michael Stubblefield, President and CEO of Avantor.
The company generated free cash flow of $204 million in the quarter, up from $193 million a year ago. Management raised its full-year free cash flow guidance.
Avantor said it remains on track to achieve mid to high single-digit growth in its bioprocessing business for the year, supported by continued momentum in order intake. The company's cost transformation programs are running ahead of plan.
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