VWR Corporation Reports Third Quarter 2017 Financial Results
RADNOR, Pa., November 7, 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 third quarter ended September 30, 2017.
Third quarter record quarterly net sales of $1.20 billion, up 5.2% year-over-year, and up 2.2% on an organic basis.
3Q17 EMEA-APAC net sales increased 11.5%, up 7.4% on an organic basis. 3Q17 had one less billing day as compared to 3Q16.
3Q17 Americas net sales increased 1.4%, down 0.8% on an organic basis. Americas organic revenue growth was impacted by one less billing day in 3Q17 and unfavorable weather conditions impacting sales in Puerto Rico, Texas and Florida.
GAAP diluted EPS was $0.37 in 3Q17 compared to $0.31 in 3Q16. 3Q17 quarterly Adjusted EPS of $0.54, up 22.7% compared to $0.44 in the prior year quarter.
Nine months 2017 operating cash flow of $202.3 million, up 8.7% as compared to $186.1 million for the comparable period in 2016.
Previously, VWR announced that it entered into a definitive agreement with Avantor, Inc., under which Avantor will acquire VWR for $33.25 per share in cash. In light of this agreement, VWR no longer provides or updates financial guidance and will not hold an investor conference call on third quarter 2017 results.
Manuel Brocke-Benz, President and Chief Executive Officer of VWR, commented: “Our third quarter results were boosted by exceptionally strong performance in EMEA-APAC. In this region, record revenue performance was due to double-digit growth in sales to biopharma customers, driven by strong sales of lab chemicals. Our third quarter 2017 results clearly confirm that the VWR growth story remains on track. I would like to thank all of our associates, as well as our loyal customers and suppliers, for helping deliver yet another solid result.”
Third Quarter 2017 – Consolidated Results
Net sales were $1.20 billion, up $59.1 million, or 5.2% compared to the prior year. Foreign exchange increased net sales by $21.1 million, or 1.9%, while recent acquisitions, net of dispositions, increased net sales by an additional $12.9 million, or 1.1%. On an organic basis, net sales increased $25.1 million or 2.2%.
Operating income was $83.1 million, as compared to $83.2 million in the prior year period. GAAP diluted EPS was $0.37 compared to $0.31 in the prior year quarter, while Adjusted EPS increased 22.7% year-over-year to $0.54, up from $0.44 in the prior year quarter.
The following information was filed by Vwr Corp (VWR) on Tuesday, November 7, 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.
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Ticker: VWR CIK: 1412232 Form Type:10-Q Quarterly Report Accession Number: 0001412232-17-000078 Submitted to the SEC: Tue Nov 07 2017 6:30:07 AM EST Accepted by the SEC: Tue Nov 07 2017 Period: Saturday, September 30, 2017 Industry: Wholesale Professional And Commercial Equipment And Supplies