VWR Corporation Reports Strong Fourth Quarter and Full Year 2014 Financial Results
RADNOR, Pa., March 4, 2015 /PRNewswire/ — VWR Corporation (NASDAQ: VWR), a leading, independent provider of laboratory products, services and solutions to the global life sciences, general research and applied markets, today reported its financial results for the fourth quarter and full year ended December 31, 2014.
Fourth Quarter 2014 Highlights:
Consolidated revenues increased $42.3 million, or 4.0%, to $1.10 billion; up 5.9% on an organic basis
Americas and EMEA-APAC segments’ organic revenues increased 7.2% and 4.4%, respectively
Adjusted EPS increased 16.2% to $0.43
Operating cash flows of $104 million, a record quarterly level
Acquired Integra Companies, Inc. and STI Components, Inc. in November 2014, strengthening VWR’s position in the fast growing Bioprocess chemicals and consumables market
“Our fourth quarter saw acceleration in our growth trend in the Americas segment, with 7.2% organic revenue growth, fueled by strong sales to Biopharma customers and robust private label product sales. In addition, our EMEA-APAC segment continued its track-record, delivering yet another quarter of above-market organic growth,” said Manuel Brocke-Benz, President and Chief Executive Officer of VWR.
Mr. Brocke-Benz continued, “This solid organic revenue growth translated into even stronger earnings growth, with Adjusted Net Income increasing 16.8% and operating cash flow reaching a quarterly record level of $104 million. The fourth quarter topped off a highly successful year for VWR. The year benefited from recent investments in our management team, IT systems and infrastructure. In 2014, we delevered the Company, strengthened our balance sheet, increased our financial flexibility, and lowered our interest burden. All of these factors bolster our position as a leading global independent solutions provider to the lab market. I am confident that with VWR’s extensive product choice, supply chain excellence and differentiated services, we are ideally positioned to meet our customers’ needs and increase our share of global lab spending.”
Fourth Quarter 2014 — Consolidated Results
Revenues of $1.10 billion, increased $42.3 million, or 4.0% compared to prior year. On an organic basis, revenues increased 5.9% while recent acquisitions increased revenues by an additional $25.1 million, or 2.4%. The strengthening of the U.S. dollar compared to the euro and other major currencies reduced revenues by $45.2 million, or 4.3%, compared to prior year.
Operating income increased $21.8 million, or 33.8%, compared to prior year. Excluding the impact of currency, acquisitions and restructuring charges in the 2013 period, comparable operating income increased $1.2 million, or 1.4%. Adjusted Net Income increased $8.1 million, or 16.8%, compared to prior year, to $56.2 million, resulting in a 16.2% increase in Adjusted EPS to $0.43. Adjusted EBITDA increased $1.1 million compared to the fourth quarter of 2013, up 0.9%, to $119.5 million.
The following information was filed by Vwr Corp (VWR) on Wednesday, March 4, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.