VWR Corporation Reports Solid Second Quarter 2016 Financial Results
RADNOR, Pa., August 4, 2016 /PRNewswire/ — VWR Corporation (NASDAQ: VWR), the leading global independent provider of product and service solutions to laboratory and production customers, today reported its financial results for the second quarter ended June 30, 2016.
2Q16 diluted EPS of $0.32 vs. $0.14 in 2Q15, 2Q16 Adjusted EPS of $0.42 vs. $0.34 in 2Q15.
Second quarter net sales of $1.15 billion, up 6.3% year-over-year, and up 4.4% on an organic basis.
2Q16 Americas net sales increased 6.6% year-over-year, up 3.9% organic. EMEA-APAC net sales increased 5.9% year-over-year, up 5.1% organic. A description and reconciliation of GAAP to non-GAAP Adjusted EPS and net sales to organic net sales is attached.
1H16 cash flow from operating activities of $119.6 million, up 23.2% compared to prior year.
Reaffirm 2016 guidance.
Manuel Brocke-Benz, President and Chief Executive Officer of VWR, commented: “Our second quarter financial results demonstrate the robust nature of our business model and our ability to generate solid top and bottom line results. In the second quarter, VWR delivered balanced revenue growth across both of its segments, with the Americas and EMEA-APAC segments each posting roughly 6% revenue growth. A combination of strong underlying revenue growth, margin expansion and lower interest expense drove strong earnings per share growth. As we move forward, we will continue to strengthen our platform of supply-chain excellence, delivering innovative, customized solutions that eliminate our customers’ pain points, enabling them to be more productive and efficient.”
Second Quarter 2016 Results
Net sales were $1.15 billion, up $68.3 million or 6.3% compared to prior year. Operating income was $84.6 million, up $7.0 million or 9.0% year-over-year.
Americas net sales were $694.9 million, up $43.1 million or 6.6% year-over-year, with the increase driven by strong sales to biopharma and government customers. Americas operating income was $43.6 million, up $2.4 million or 5.8% compared to prior year. Second quarter 2016 results in the Americas segment included $0.4 million of secondary offering expenses as compared to $0.9 million in the prior year quarter.
EMEA-APAC net sales were $454.6 million, up $25.2 million or 5.9% year-over-year, with the increase driven by strong sales to biopharma and industrial customers. EMEA-APAC operating income was $41.0 million, up $4.6 million or 12.6% compared to prior year. Second quarter 2015 EMEA-APAC results included a non-cash earn-out benefit of $0.2 million.
The following information was filed by Vwr Corp (VWR) on Thursday, August 4, 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0001412232-16-000153 Submitted to the SEC: Thu Aug 04 2016 4:02:11 PM EST Accepted by the SEC: Thu Aug 04 2016 Period: Thursday, June 30, 2016 Industry: Wholesale Professional And Commercial Equipment And Supplies