0001628280-26-050333
SEC filingAvantor二季度业绩超预期，上调全年指引，VWR分部恢复有机增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $1,692.3M | $1,683.4M | +0.5% |
| Gross Profit | $537.0M | $554.1M | — |
| Operating Income | $121.8M | $128.8M | — |
| Net Income | $38.1M | $64.7M | — |
| Diluted EPS (GAAP) | $0.06 | $0.09 | — |
| Adjusted EPS (Non-GAAP) | $0.21 | $0.24 | — |
| Adjusted EBITDA | $254.3M | $279.8M | — |
| Adjusted EBITDA Margin | 15.0% | 16.6% | — |
| Adjusted Operating Income | $225.1M | $252.2M | — |
| Adjusted Operating Income Margin | 13.3% | 15.0% | — |
| Operating Cash Flow | $178.2M | $154.4M | — |
| Free Cash Flow | $142.8M | $125.4M | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Organic Revenue Growth | -0.5% to +0.5% | Non-GAAP |
| FY2026 | Adjusted EBITDA Margin | 14.8% to 15.3% | Non-GAAP |
| FY2026 | Adjusted EPS | $0.80 to $0.83 | Non-GAAP |
| FY2026 | Free Cash Flow | $500M to $550M | Non-GAAP |
简评
Avantor 二季度净销售额 $1,692.3M，同比 +0.5%，有机口径下滑 0.4%（汇率贡献 +0.9%），业绩超管理层预期。VWR Distribution & Services 分部表现亮眼，净销售 $1,240.5M，有机增长 +1.7%，提前恢复正增长；Bioscience & Medtech Products 净销售 $451.8M，有机下滑 5.6%，但管理层称接近预期上限。利润率方面，调整后 EBITDA 利润率 15.0%，调整后营业利润率 13.3%，均低于去年同期，主要受重组费用及业务结构影响。
公司上调 FY2026 指引：有机收入增长从 -2.5% 至 -0.5% 上调至 -0.5% 至 +0.5%，调整后 EPS 从 $0.77-$0.83 上调至 $0.80-$0.83，调整后 EBITDA 利润率指引维持 14.8%-15.3% 不变。现金流强劲，经营现金流 $178.2M，自由现金流 $142.8M，并偿还债务 $112.1M，调整后净杠杆 3.3x。CEO Emmanuel Ligner 强调 "Revival" 计划改善客户服务并推动业绩提升，同时重申强化资产负债表的承诺。