AVTR - Avantor Inc. (AVTR) Q1 2024 Earnings Call Transcript
2024-04-26 10:57:10 ET
Avantor Inc. (AVTR)
Q1 2024 Earnings Conference Call
April 26, 2024 8:00 AM ET
Company Participants
Christina Jones – Vice President-Investor Relations
Michael Stubblefield – President and Chief Executive Officer
Brent Jones – Executive Vice President and Chief Financial Officer
Conference Call Participants
Michael Ryskin – Bank of America
Dan Leonard – UBS
Dan Brennan – TD Cowen
Luke Sergott – Barclays
Vijay Kumar – Evercore ISI
Jack Meehan – Nephron Research
Doug Schenkel – Wolfe Research
Rachel Vatnsdal – JPMorgan
Tejas Savant – Morgan Stanley
Josh Waldman – Cleveland Research
Patrick Donnelly – Citi
Presentation
Operator
Good morning. My name is Emily, and I’ll be your conference operator today. At this time, I would like to welcome everyone to Avantor’s First Quarter 2024 Earnings Results Conference Call. After the presentation, there will be an opportunity for you to ask questions. [Operator Instructions]
I will now turn the call over to Christina Jones, Vice President of Investor Relations. Ms. Jones, you may begin the conference.
Christina Jones
Good morning. Thank you for joining us. Our speakers today are Michael Stubblefield, President and Chief Executive Officer; and Brent Jones, Executive Vice President and Chief Financial Officer. The press release and a presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. A replay of this webcast will also be made available on our website after the call. Following our prepared remarks, we will open the line for questions.
During this call, we will be making forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results might differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of the date that they are made. We do not assume any obligation to update these forward-looking statements as a result of new information, future events or other developments.
This call will include a discussion of non-GAAP measures. A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosure package on our Investor Relations website. As a reminder, on January 1st of 2024, we transitioned from our former regional segment structure to two global operating segments: Laboratory Solutions and Bioscience Production. Our Q1 2024 results are presented on this basis.
With that, I will now turn the call over to Michael.
Michael Stubblefield
Thank you, CJ, and good morning, everyone. I appreciate you joining us today. I’m starting on Slide 3. The year is off to a good start as we delivered first quarter revenue in line with our guidance with reported revenue of $1.68 billion and organic growth of minus 6.3%. As anticipated, market conditions remained similar to the fourth quarter. Our team continues to execute well, as evidenced by our margin and profitability outperformance with adjusted EBITDA margin of 16.8% and adjusted EPS of $0.22. As Brent will outline in his section, our margins were driven by pricing, favorable product mix, disciplined cost management and accelerated realization of savings from our multiyear cost transformation initiative....
Avantor Inc. (AVTR) Q1 2024 Earnings Call Transcript