Avantor (AVTR) Q4 FY2023 earnings: revenue $1.7 billion, down 4.0% on the year

Avantor, Inc. (AVTR) reported revenue of $1.7 billion for Q4 FY2023, the quarter ended 31 December 2023, down 4.0% on the same quarter a year earlier. Net income was $98 million, down 30.5% on the year, and diluted earnings per share $0.15. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$1.7 billiondown 4.0%

Net income$98 milliondown 30.5%

Diluted EPS$0.15

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,723	1,720	n/a	n/a
Cost of revenue	1,152	1,142	n/a	n/a
Gross profit	570	579	n/a	n/a
Gross margin	33.1%	33.6%	n/a
Selling, general and administrative	387	368	n/a	n/a
Operating income	183	210	n/a	n/a
Operating margin	10.6%	12.2%	n/a
Interest expense	65.3	72.4	n/a	n/a
Pre-tax income	120	136	n/a	n/a
Income tax	21.0	28.1	n/a	n/a
Effective tax rate	17.6%	20.6%	n/a
Net income	98.5	108	n/a	n/a
Net margin	5.7%	6.3%	n/a
Diluted EPS	$0.15	$0.16	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	252	231	n/a	n/a
Capital expenditure	50.6	37.7	n/a	n/a
Free cash flow	201	193	n/a	n/a
Free cash flow margin	11.7%	11.2%	n/a
Cash from investing	-50.0	-37.0	n/a	n/a
Cash from financing	-184	-188	n/a	n/a
Depreciation and amortisation	101	98.0	n/a	n/a
Share-based compensation	8.8	9.8	n/a	n/a
Diluted shares, weighted	679m	678m	n/a	n/a
Shares outstanding at period end	677m	676m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	5,253	5,099	n/a	n/a
Debt	5,537	5,626	n/a	n/a
Operating lease liabilities	88.5	n/a	n/a	n/a
Finance lease liabilities	62.8	n/a	n/a	n/a
Other liabilities	2,032	2,073	n/a	n/a
Total liabilities and equity	12,973	12,798	n/a	n/a
Fixed assets	738	698	n/a	n/a
Goodwill	5,717	5,638	n/a	n/a
Intangible assets	3,683	3,696	n/a	n/a
Cash and equivalents	263	237	n/a	n/a
Receivables	1,150	1,150	n/a	n/a
Inventory	828	850	n/a	n/a
Other assets	594	529	n/a	n/a
Total assets	12,973	12,798	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,720	1,723	1,680	1,703	1,714	1,687	1,581	1,683	1,624	1,664	1,581	1,692
Cost of revenue	1,142	1,152	1,109	1,121	1,150	1,124	1,046	1,129	1,097	1,140	1,081	1,155
Gross profit	579	570	570	582	564	563	535	554	526	524	501	537
Gross margin	34%	33%	34%	34%	33%	33%	34%	33%	32%	31%	32%	32%
SG&A	368	387	424	406	440	371	388	425	390	392	401	415
Operating income	210	183	146	176	125	638	147	129	-649	126	99.5	122
Operating margin	12%	11%	9%	10%	7%	38%	9%	8%	-40%	8%	6%	7%
Interest expense	72.4	65.3	64.3	60.9	48.7	44.9	42.2	43.4	44.2	40.0	42.9	39.4
Pre-tax income	136	120	80.6	115	74.5	584	85.7	81.7	-690	80.8	55.5	81.2
Tax rate	21%	18%	25%	19%	22%	14%	25%	21%	n/a	35%	22%	53%
Net income	108	98.5	60.4	92.9	57.8	500	64.5	64.7	-712	52.4	43.3	38.1
Net margin	6%	6%	4%	5%	3%	30%	4%	4%	-44%	3%	3%	2%
Diluted EPS	$0.16	$0.15	$0.09	$0.14	$0.08	$0.73	$0.09	$0.09	-$1.04	$0.08	$0.06	$0.06
Operating cash flow	231	252	142	281	245	173	109	154	207	153	58.7	178
Capital expenditure	37.7	50.6	34.7	45.8	40.8	27.5	28.0	29.6	35.7	35.5	33.5	37.6
Free cash flow	193	201	107	235	204	146	81.3	125	172	117	25.2	141
Shares outstanding	676m	677m	679m	680m	681m	681m	682m	682m	682m	682m	683m	n/a
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0001722482-24-000012: the filing on EDGAR. All of Avantor, Inc.'s filings: EDGAR company page.

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