VWR Corporation Reports Record Fourth Quarter 2015 Financial Results
RADNOR, Pa., February 25, 2016 /PRNewswire/ — VWR Corporation (NASDAQ: VWR), a leading global, independent provider of products, services and solutions to laboratory and production facilities, today reported its financial results for the fourth quarter and full year ended December 31, 2015.
4Q15 record quarterly net sales of $1.11 billion, up 1.0% year-over-year, and up 5.6% on an organic basis.
4Q15 Americas and EMEA-APAC segments’ organic net sales increased 6.4% and 4.5%, respectively.
4Q15 record quarterly Adjusted EPS of $0.47, up 11.9% compared to $0.42 in the prior year. GAAP EPS was $0.41 in 4Q15 compared to $0.38 in 4Q14.
2015 cash flow from operating activities of $225.0 million, up 17.7% vs. $191.1 million in 2014.
Acquired Therapak, a supplier of pre-packaged convenience kits and procedure packs for clinical trials, pharmaceutical, diagnostic and clinical laboratories on January 4, 2016.
2016 guidance: 2016 net sales up 4% to 6% (range of $4.49 to $4.57 billion) and Adjusted EPS up 7% to 12% (range of $1.62 to $1.70).
Manuel Brocke-Benz, President and Chief Executive Officer of VWR, commented: “We are pleased to end fiscal 2015 with strong financial performance, and are encouraged to see that our solid business momentum has continued into the current year. Our record fourth quarter results highlight the multiple factors that VWR is utilizing to drive double-digit Adjusted Earnings Per Share growth. Even with a 6.1% currency headwind and a tough comparison to last year’s 5.9% fourth quarter organic net sales growth, VWR posted positive reported net sales growth in the fourth quarter of 2015. This performance was the direct result of our ongoing passion to find ways to help our customers to win, to take away their pain points and to look for innovative solutions and services to enable them to succeed.”
Mr. Brocke-Benz continued: “Below the operating income line, our ongoing deleveraging initiatives reduced interest expense which along with a lower than expected tax rate, translated our mid-single-digit organic net sales growth and modest margin expansion into an 11.9% year-over-year increase in fourth quarter Adjusted Earnings Per Share. We finished 2015 with a strengthened balance sheet and a motivated employee base, setting the table for continued success as we move through 2016.”
Fourth Quarter 2015 — Consolidated Results
Net sales were $1.11 billion, up $10.9 million, or 1.0% compared to prior year. The foreign exchange impact of the strengthening of the U.S. dollar compared to the euro and other major currencies reduced net sales by $67.2 million, or 6.1%. On an organic basis, net sales increased $61.3 million, or 5.6%, while recent acquisitions increased net sales by an additional $16.8 million, or 1.5%.
Operating income was $87.7 million, up $1.4 million, or 1.6% compared to prior year. Excluding the impact of currency, operating income increased by $8.6 million, or 10.0%. The fourth quarter of 2015 included a $0.5 million non-cash earn-out benefit and secondary offering expenses of $0.6 million. Adjusted EPS increased 11.9% year-over-year to $0.47, up from $0.42 in the prior year.
The following information was filed by Vwr Corp (VWR) on Thursday, February 25, 2016 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.
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Ticker: VWR CIK: 1412232 Form Type:10-K Annual Report Accession Number: 0001412232-16-000065 Submitted to the SEC: Thu Feb 25 2016 4:45:38 PM EST Accepted by the SEC: Thu Feb 25 2016 Period: Thursday, December 31, 2015 Industry: Wholesale Professional And Commercial Equipment And Supplies