VWR Corporation Reports Second Quarter 2017 Financial Results
RADNOR, Pa., July 31, 2017 /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, 2017.
Second quarter record quarterly net sales of $1.18 billion, up 2.2% year-over-year, and up 2.3% on an organic basis.
2Q17 EMEA-APAC net sales declined 1.3%, but were up 2.7% on an organic basis.
2Q17 Americas net sales increased 4.5%, up 2.1% on an organic basis.
GAAP diluted EPS was $0.28 in 2Q17 compared to $0.32 in 2Q16. 2Q17 quarterly Adjusted EPS of $0.49, up 16.7% compared to $0.42 in the prior year quarter.
Previously, VWR announced that it entered into a definitive agreement with Avantor, under which Avantor will acquire VWR for $33.25 per share in cash. In light of the agreement, VWR no longer provides or updates financial guidance and will not hold an investor conference call on second quarter 2017 results. Pending completion of the European Commission review, we now anticipate the deal to close in the fourth quarter of 2017.
Manuel Brocke-Benz, President and Chief Executive Officer of VWR, commented: “The second quarter highlights our ongoing solid execution. Despite the timing of the Easter holiday, which reduced EMEA-APAC by more than two billing days in the second quarter, total Company organic revenues still increased by 2.3%. Our financial results highlight how we have continued to benefit from ongoing R&D spend, consolidation and the globalization of our customers.”
Second Quarter 2017 – Consolidated Results
Net sales were $1.18 billion, up $25.8 million, or 2.2% compared to the prior year. Foreign exchange reduced net sales by $18.3 million, or 1.6%, while recent acquisitions, net of dispositions, increased net sales by an additional $17.5 million, or 1.5%. On an organic basis, net sales increased $26.6 million or 2.3%.
Operating income was $80.7 million, down $3.9 million compared to the prior year. GAAP diluted EPS was $0.28 compared to $0.32 in the prior year quarter, while Adjusted EPS increased 16.7% year-over-year to $0.49, up from $0.42 in the prior year quarter.
Second Quarter 2017 – Segment Results
Net sales were $726.4 million, up $31.5 million, or 4.5% compared to prior year, and up 2.1% on an organic basis. The increase in the Americas net sales was driven by strong sales of equipment and instrumentation.
The following information was filed by Vwr Corp (VWR) on Monday, July 31, 2017 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.