AVTR - Avantor shares rise after Q3 profit beat on Americas Europe strength

Avantor shares jump (AVTR +6.9%) after the company posted third-quarter profit that beat Wall Street estimates, driven by demand in its Americas and Europe businesses. The company quarterly revenue increased over 13% to $1.83B, but fell short of analysts' estimate by $10M. Net sales in its Americas segment increased 10% to $1.05B, while Europe net sales went up ~20% to $674.7M. In the quarter, foreign currency translation had a favorable impact of ~0.9% with M&A adding ~3.2%, resulting in organic sales growth of 10.2%. Net income increased to $156.8M from a loss of $42.2M in the third quarter of 2020, which was impacted by the extinguishment of debt related to debt refinancing activities. As of September 30, 2021, adjusted net leverage was 3.5x, down from 3.8x as of June 30, 2021 and in line with the company's target of 2-4x. The company posted adjusted quarterly profit per share of $0.35, beating

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Avantor shares rise after Q3 profit beat on Americas, Europe strength