By Dean Seal
Avantor recorded slightly lower sales in its fourth quarter due to unfavorable foreign exchange rates, though its earnings were boosted by a divestiture.
The biopharma supplier posted a profit of $500.4 million, or 73 cents a share, compared with $98.5 million, or 15 cents a share, in the same quarter a year ago.
The big jump in net income was driven by a $446.6 million gain from the sale of its clinical services unit to Audax Private Equity last year.
Stripping out one-time items, adjusted earnings were 27 cents a share, a penny above the 26-cent consensus estimate of analysts polled by FactSet.
Sales slid 2% to $1.69 billion, just below analyst projections for $1.71 billion, according to FactSet.
Revenue would have been up 1% on an organic basis, but foreign currency translation and the divestiture of its clinical services business spurred the shortfall.
Sales were down 5% in its laboratory solutions business, but up 4% in its smaller bioscience production division.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 07, 2025 06:27 ET (11:27 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.