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Avantor® Reports Fourth Quarter and Full Year 2024 Results

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Fourth Quarter 2024

Net sales of $1.69 billion, decrease of 2%; organic growth of 1%Net income of $500.4 million; Adjusted EBITDA of $307.7 millionDiluted GAAP EPS of $0.73; adjusted EPS of $0.27Operating cash flow of $173.3 million; free cash flow of $222.1 million

Full Year 2024

Net sales of $6.78 billion, decrease of 3%; organic decline of 2%Net income of $711.5 million; Adjusted EBITDA of $1,198.8 millionDiluted GAAP EPS of $1.04; adjusted EPS of $0.99Operating cash flow of $840.8 million; free cash flow of $768.3 million

RADNOR, Pa., Feb. 7, 2025 /PRNewswire/ — Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today reported financial results for its fourth fiscal quarter and year ended December 31, 2024.

“Our fourth quarter results highlight our team’s commitment to commercial intensity, operational discipline, and enabling breakthrough therapies. As anticipated, we returned to growth in the fourth quarter and delivered sequential and year-over-year growth in adjusted EBITDA margin, adjusted EPS, and best-in-class free cash flow conversion. We grew our bioprocessing platform high-single-digits and expect continued strength driven by our focused execution and improving end market conditions,” said Michael Stubblefield, President and Chief Executive Officer.

“Looking ahead, we’re entering the year with strong momentum and a clear focus on innovation-driven revenue growth, margin expansion, and continued deleveraging. Our new operating model is driving greater efficiency, and our cost transformation program is ahead of schedule. With our industry-leading portfolio, resilient supply chain, and relentless efficiency, we are confident in achieving both our near-term and long-term financial goals,” Stubblefield concluded.

Fourth Quarter 2024

For the three months ended December 31, 2024, net sales were $1,686.6 million, a decrease of 2% compared to the fourth quarter of 2023. Foreign currency translation and our Clinical Services divestiture had a negative impact, resulting in sales growth of 1% on an organic basis.

Net income increased to $500.4 million from $98.5 million in the fourth quarter of 2023, and adjusted net income was $183.9 million as compared to $166.7 million in the comparable prior period. Net Income margin was 29.7%. Adjusted EBITDA was $307.7 million and Adjusted EBITDA margin was 18.2%. Adjusted Operating Income was $279.4 million and Adjusted Operating Income margin was 16.6%.

Diluted earnings per share on a GAAP basis was $0.73, while adjusted EPS was $0.27.

Operating cash flow was $173.3 million, while free cash flow was $222.1 million.

Full Year 2024

For the full year ended December 31, 2024, net sales were $6,783.6 million, a decrease of 3% compared to 2023. Modest foreign currency translation benefit was offset by our Clinical Services divestiture, resulting in a sales decline of 2% on an organic basis.

Net income increased to $711.5 million from $321.1 million in 2023, and adjusted net income was $677.7 million as compared to $720.1 million in the comparable prior period. Net Income margin was 10.5%. Adjusted EBITDA was $1,198.8 million and Adjusted EBITDA margin was 17.7%. Adjusted Operating Income was $1,089.8 million and Adjusted Operating Income margin was 16.1%.

Diluted earnings per share on a GAAP basis was $1.04, while adjusted EPS was $0.99.

Operating cash flow was $840.8 million, while free cash flow was $768.3 million. Adjusted net leverage was 3.2x as of December 31, 2024.

Fourth Quarter 2024 – Segment Results

Laboratory Solutions

Net sales were $1,125.8 million, a reported decrease of 5%, as compared to $1,182.4 million in the fourth quarter of 2023. Foreign currency translation and our Clinical Services divestiture had a negative impact resulting in sales decline of 1% on an organic basis.Adjusted Operating Income was $147.4 million as compared to $157.3 million in the comparable prior period. Adjusted Operating Income margin was 13.1%.

Bioscience Production

Net sales were $560.8 million, a reported increase of 4%, as compared to $540.4 million in the fourth quarter of 2023. Sales also increased 4% on an organic basis.Adjusted Operating Income was $149.2 million, as compared to $132.0 million in the comparable prior period. Adjusted Operating Income margin was 26.6%.

Full Year 2024 – Segment Results

Laboratory Solutions

Net sales were $4,610.1 million, a reported decrease of 3%, as compared to $4,738.3 million in 2023. Modest foreign currency translation benefit was offset by our Clinical Services divestiture resulting in sales declines of 2% on an organic basis.Adjusted Operating Income was $598.0 million as compared to $668.3 million in the comparable prior period. Adjusted Operating Income margin was 13.0%.

Bioscience Production

Net sales were $2,173.5 million, a reported decrease of 3%, as compared to $2,228.9 million in 2023. Sales also declined 3% on an organic basis.Adjusted Operating Income was $558.2 million, as compared to $601.9 million in the comparable prior period. Adjusted Operating Income margin was 25.7%.

Adjusted Operating Income is Avantor’s segment reporting profitability measure under generally accepted accounting principles and is used by management to measure and evaluate the performance of our Company’s business segments.

Conference Call
We will host a conference call to discuss our results today, February 7, 2025, at 8:00 a.m. Eastern Time. The live webcast and presentation, as well as a replay, will be available on the investor section of Avantor’s website.

About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedIn, X (Twitter) and Facebook.

Use of Non-GAAP Financial Measures
To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measures that we believe are useful to investors, creditors and others in assessing our performance. These measures should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly titled measures reported by other companies. Rather, these measures should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements included in reports filed with the SEC in their entirety and not rely solely on any one single financial measure or communication.

The non-GAAP financial measures used in this press release are sales growth (decline) on an organic basis, Adjusted Operating Income, Adjusted Operating Income margin, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted net leverage, free cash flow and free cash flow conversion.

Organic net sales growth (decline) eliminates from our reported net sales change the impacts of revenues from acquisitions and divestitures that occurred in the last year and changes in foreign currency exchange rates. We believe that this measurement is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measure is used by our management for the same reason.Adjusted Operating Income is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) losses on extinguishment of debt, (v) charges associated with the impairment of certain assets, (vi) gain on sale of business, (vii) and certain other adjustments. Adjusted Operating Income margin is Adjusted Operating Income divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason. Additionally, Adjusted Operating Income is our segment reporting profitability measure under GAAP.Adjusted EBITDA is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) depreciation expense, (v) losses on extinguishment of debt, (vi) charges associated with the impairment of certain assets, (vii) gain on sale of business, (viii) and certain other adjustments. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason.Adjusted net income is our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) losses on extinguishment of debt, (iii) charges associated with the impairment of certain assets, (iv) gain on sale of business, (v) and certain other adjustments. From this amount, we then add or subtract an assumed incremental income tax impact on the above-noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measure is useful to investors as a way to analyze the business consistently across the periods presented. This measure is used by our management for the same reason.Adjusted EPS is our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measure is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measure is used by our management for the same reason.Adjusted net leverage is equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions and divestitures as if those acquisitions and divestitures had occurred on the first day of the trailing 12-month period). We believe that this measure is useful to investors as a way to evaluate and measure the Company’s capital allocation strategies and the underlying trends in the business. This measure is used by our management for the same reason.Free cash flow is equal to our cash flows from operating activities, less capital expenditures, plus direct transaction costs and income taxes paid related to acquisitions and divestitures (as applicable) in the period. Free cash flow conversion is free cash flow divided by adjusted net income. We believe that these measures are useful to investors as they provide a view on the Company’s ability to generate cash for use in financing or investing activities. These measures are used by our management for the same reason.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, including our cost transformation initiative, objectives, future performance and business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “assumption,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “long-term,” “near-term,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “projection,” “prospects,” “seek,” “target,” “trend,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in “Risk Factors” in our most recent Annual Report on Form 10-K, and subsequent quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

Investor Relations Contact
Allison Hosak
Senior Vice President, Global Communications
Avantor
908.329.7281
Allison.Hosak@avantorsciences.com 

Global Media Contact
Eric Van Zanten
Head of External Communications
Avantor
610-529-6219
Eric.VanZanten@avantorsciences.com

 

Avantor, Inc. and subsidiaries

Consolidated statements of operations

(in millions, except per share data)

Three months ended
December 31,

Year ended December 31,

2024

2023

2024

2023

Net sales

$   1,686.6

$   1,722.8

$   6,783.6

$   6,967.2

Cost of sales

1,123.7

1,152.4

4,504.3

4,603.4

Gross profit

562.9

570.4

2,279.3

2,363.8

Selling, general and administrative expenses

371.4

387.1

1,641.1

1,506.6

Impairment charges

—

—

—

160.8

Gain on sale of business

(446.6)

—

(446.6)

—

Operating income

638.1

183.3

1,084.8

696.4

Interest expense, net

(44.9)

(65.3)

(218.8)

(284.8)

Loss on extinguishment of debt

(4.4)

(1.0)

(10.9)

(6.9)

Other (expense) income, net

(4.6)

2.5

(1.2)

5.8

Income before income taxes

584.2

119.5

853.9

410.5

Income tax expense

(83.8)

(21.0)

(142.4)

(89.4)

Net income

$      500.4

$       98.5

$      711.5

$      321.1

Earnings per share:

Basic

$       0.74

$       0.15

$       1.05

$       0.48

Diluted

$       0.73

$       0.15

$       1.04

$       0.47

Weighted average shares outstanding:

Basic

680.7

676.4

679.6

675.6

Diluted

682.7

679.2

681.9

678.4

 

Avantor, Inc. and subsidiaries

Consolidated balance sheets

(in millions)

December 31,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$           261.9

$            262.9

Accounts receivable, net

1,034.5

1,150.2

Inventory

731.5

828.1

Other current assets

118.7

143.7

Total current assets

2,146.6

2,384.9

Property, plant and equipment, net

708.1

737.5

Other intangible assets, net

3,360.2

3,775.3

Goodwill, net

5,539.2

5,716.7

Other assets

360.4

358.3

Total assets

$      12,114.5

$       12,972.7

Liabilities and stockholders’ equity

Current liabilities:

Current portion of debt

$           821.1

$            259.9

Accounts payable

662.8

625.9

Employee-related liabilities

168.2

133.1

Accrued interest

48.6

50.2

Other current liabilities

306.8

411.2

Total current liabilities

2,007.5

1,480.3

Debt, net of current portion

3,234.7

5,276.7

Deferred income tax liabilities

557.3

612.8

Other liabilities

358.3

350.3

Total liabilities

6,157.8

7,720.1

Stockholders’ equity:

Common stock including paid-in capital

3,937.7

3,830.1

Accumulated earnings

2,203.0

1,491.5

Accumulated other comprehensive loss

(184.0)

(69.0)

Total stockholders’ equity

5,956.7

5,252.6

Total liabilities and stockholders’ equity

$      12,114.5

$       12,972.7

 

Avantor, Inc. and subsidiaries

Consolidated statements of cash flows

(in millions)

Three months ended
December 31,

Year ended December 31,

2024

2023

2024

2023

Cash flows from operating activities:

Net income

$      500.4

$       98.5

$      711.5

$      321.1

Reconciling adjustments:

Depreciation and amortization

100.9

100.6

405.5

402.3

Impairment charges

—

—

—

160.8

Gain on sale of business

(446.6)

—

(446.6)

—

Stock-based compensation expense

11.1

8.8

46.8

40.5

Non-cash restructuring charges

0.5

—

16.9

—

Provision for accounts receivable and
     inventory

19.3

22.0

75.1

84.5

Deferred income tax expense (benefit)

28.4

(78.3)

(46.9)

(172.4)

Amortization of deferred financing costs

2.6

3.1

11.2

13.0

Loss on extinguishment of debt

4.4

1.0

10.9

6.9

Foreign currency remeasurement (gain)
     loss

(3.3)

0.5

(0.3)

(2.6)

Pension termination charges

9.3

—

9.3

—

Changes in assets and liabilities:

Accounts receivable

11.7

21.9

45.9

77.0

Inventory

3.0

21.2

(18.5)

30.3

Accounts payable

17.7

(43.8)

59.6

(139.6)

Accrued interest

14.9

10.6

(1.6)

0.3

Other assets and liabilities

(100.7)

87.1

(37.7)

48.6

Other

(0.3)

(1.6)

(0.3)

(0.7)

Net cash provided by operating
     activities

173.3

251.6

840.8

870.0

Cash flows from investing activities:

Capital expenditures

(27.5)

(50.6)

(148.8)

(146.4)

Proceeds from sale of disposal group, net of
     cash sold

585.2

—

585.2

—

Other

0.8

0.6

2.5

2.7

Net cash provided by (used in)
     investing activities

558.5

(50.0)

438.9

(143.7)

Cash flows from financing activities:

Debt repayments

(756.8)

(188.1)

(1,341.8)

(846.0)

Payments of debt refinancing fees and
     premiums

—

—

—

(2.3)

Proceeds received from exercise of stock
     options

1.9

4.2

69.2

18.3

Shares repurchased to satisfy employee tax
     obligations for vested stock-based awards

(0.4)

(0.2)

(8.6)

(13.7)

Net cash used in financing activities

(755.3)

(184.1)

(1,281.2)

(843.7)

Effect of currency rate changes on cash and cash
     equivalents

(22.1)

9.5

(21.5)

8.2

Net change in cash, cash equivalents and restricted
     cash

(45.6)

27.0

(23.0)

(109.2)

Cash, cash equivalents and restricted cash,
     beginning of period

310.3

260.7

287.7

396.9

Cash, cash equivalents and restricted cash, end of
     period

$      264.7

$      287.7

$      264.7

$      287.7

 

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures

Adjusted EBITDA and Adjusted EBITDA Margin

(dollars in millions, %
     based on net sales)

Three months ended December 31,

Year ended December 31,

2024

2023

2024

2023

$

%

$

%

$

%

$

%

Net income

$ 500.4

29.7 %

$   98.5

5.7 %

$ 711.5

10.5 %

$ 321.1

4.6 %

Amortization

74.2

4.4 %

75.0

4.4 %

299.8

4.4 %

307.7

4.4 %

Loss on extinguishment
     of debt

4.4

0.3 %

1.0

— %

10.9

0.2 %

6.9

0.1 %

Integration-related
     expenses1

—

— %

(0.7)

— %

—

— %

7.6

0.1 %

Restructuring and
     severance charges2

0.5

— %

8.5

0.5 %

82.8

1.2 %

26.5

0.4 %

Transformation
     expenses3

12.3

0.8 %

5.4

0.3 %

58.9

0.9 %

5.4

0.1 %

Reserve for certain legal
     matters, net4

1.3

0.1 %

3.1

0.2 %

9.2

0.2 %

7.1

0.1 %

Other5

(3.5)

(0.3) %

(0.6)

— %

(3.9)

(0.2) %

(2.8)

— %

Impairment charges6

—

— %

—

— %

—

— %

160.8

2.3 %

Gain on sale of
     business7

(446.6)

(26.5) %

—

— %

(446.6)

(6.6) %

—

— %

Pension termination
     charges8

9.3

0.6 %

—

— %

9.3

0.2 %

—

— %

Income tax expense
     (benefit)
     applicable to
     pretax
     adjustments

31.6

1.8 %

(23.5)

(1.4) %

(54.2)

(0.8) %

(120.2)

(1.8) %

Adjusted net income

183.9

10.9 %

166.7

9.7 %

677.7

10.0 %

720.1

10.3 %

Interest expense, net

44.9

2.7 %

65.3

3.8 %

218.8

3.2 %

284.8

4.1 %

Depreciation

26.7

1.6 %

25.6

1.4 %

105.7

1.6 %

94.6

1.3 %

Income tax
     provision
     applicable to
     Adjusted Net
     income

52.2

3.0 %

$   44.5

2.6 %

$ 196.6

2.9 %

$ 209.6

3.1 %

Adjusted EBITDA

$ 307.7

18.2 %

$ 302.1

17.5 %

$  1,198.8

17.7 %

$  1,309.1

18.8 %

1.

Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

2.

Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.

3.

Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

4.

Represents charges and legal costs, net of recoveries, in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

5.

Represents net foreign currency (gain) loss from financing activities and other stock-based compensation expense (benefit).

6.

Related to impairment of Ritter.

7.

Related to gain on sale of our Clinical Services business.

8.

Represents pension termination charges related to termination of our U.S. Pension Plan.

 

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

 

Adjusted Operating Income and Adjusted Operating Income Margin

(dollars in millions, %
      based on net sales)

Three months ended December 31,

Year ended December 31,

2024

2023

2024

2023

$

%

$

%

$

%

$

%

Net income

$ 500.4

29.7 %

$   98.5

5.7 %

$ 711.5

10.5 %

$ 321.1

4.6 %

Interest expense, net

44.9

2.7 %

65.3

3.8 %

218.8

3.2 %

284.8

4.1 %

Income tax expense

83.8

4.8 %

21.0

1.2 %

142.4

2.1 %

89.4

1.3 %

Loss on extinguishment
     of debt

4.4

0.3 %

1.0

— %

10.9

0.2 %

6.9

0.1 %

Other (expense) income,
     net

4.6

0.3 %

(2.5)

(0.1) %

1.2

— %

(5.8)

(0.1) %

      Operating income

638.1

37.8 %

183.3

10.6 %

1,084.8

16.0 %

696.4

10.0 %

Amortization

74.2

4.4 %

75.0

4.4 %

299.8

4.4 %

307.7

4.4 %

Integration-related
     expenses1

—

— %

(0.7)

— %

—

— %

7.6

0.1 %

Restructuring and
     severance charges2

0.5

— %

8.5

0.5 %

82.8

1.2 %

26.5

0.4 %

Transformation
     expenses3

12.3

0.8 %

5.4

0.3 %

58.9

0.9 %

5.4

0.1 %

Reserve for certain legal
     matters, net4

1.3

0.1 %

3.1

0.2 %

9.2

0.2 %

7.1

0.1 %

Other5

(0.4)

— %

0.2

— %

0.9

— %

0.3

— %

Impairment charges6

—

— %

—

— %

—

— %

160.8

2.3 %

Gain on sale of
     business7

(446.6)

(26.5) %

—

— %

(446.6)

(6.6) %

—

— %

Adjusted Operating
     Income

$ 279.4

16.6 %

$ 274.8

16.0 %

$ 1,089.8

16.1 %

$ 1,211.8

17.4 %

1.

Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

2.

Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.

3.

Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

4.

Represents charges and legal costs, net of recoveries, in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

5.

Represents other stock-based compensation expense (benefit).

6.

Related to impairment of Ritter.

7.

Related to gain on sale of our Clinical Services business.

 

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Adjusted earnings per share

(shares in millions)

Three months ended
December 31,

Year ended
December 31,

2024

2023

2024

2023

Diluted earnings per share (GAAP)

$     0.73

$     0.15

$     1.04

$     0.47

Amortization

0.11

0.11

0.44

0.45

Loss on extinguishment of debt

0.01

—

0.02

0.01

Integration-related expenses

—

—

—

0.01

Restructuring and severance charges

—

0.01

0.12

0.04

Transformation expenses

0.02

0.01

0.09

0.01

Reserve for certain legal matters, net

—

—

0.01

0.01

Other

—

—

(0.01)

—

Impairment charges

—

—

—

0.24

Gain on sale of business

(0.66)

—

(0.65)

—

Pension termination charges

0.01

—

0.01

—

Income tax expense (benefit) applicable to pretax
       adjustments

0.05

(0.03)

(0.08)

(0.18)

Adjusted EPS (non-GAAP)

$     0.27

$     0.25

$     0.99

$     1.06

Weighted average diluted shares outstanding:

Share count for Adjusted EPS (non-GAAP)

682.7

679.2

681.9

678.4

 

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Free cash flow

(in millions)

Three months ended
December 31,

Year ended
December 31,

2024

2023

2024

2023

Net cash provided by operating activities

$    173.3

$    251.6

$    840.8

$    870.0

Capital expenditures

(27.5)

(50.6)

(148.8)

(146.4)

Divestiture-related transaction expenses and taxes paid

76.3

—

76.3

—

Free cash flow (non-GAAP)

$    222.1

$    201.0

$    768.3

$    723.6

 

Adjusted net leverage

(dollars in millions)

December 31,
2024

Total debt, gross

$      4,077.8

Less cash and cash equivalents

(261.9)

$      3,815.9

Trailing twelve months Adjusted EBITDA(1)

$      1,149.7

Trailing twelve months ongoing stock-based compensation expense

47.0

$      1,196.7

Adjusted net leverage (non-GAAP)

              3.2 x

1.

Represents the Adjusted EBITDA of Avantor for the trailing twelve-month period minus the results attributable to the divested business as if such divestiture had been completed on the 1st day of such trailing twelve-month period, as contemplated by our debt covenants.

 

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Net sales by segment

(in millions)

December 31

Reconciliation of net sales growth (decline) to
organic net sales growth (decline)

Net sales

growth

(decline)

Foreign
currency
impact

Divestiture
impact

Organic
net

sales
growth

(decline)

2024

2023

Three months ended:

Laboratory Solutions

$  1,125.8

$ 1,182.4

$    (56.6)

$      (3.4)

$     (42.4)

$     (10.8)

Bioscience Production

560.8

540.4

20.4

(1.8)

—

22.2

Total

$  1,686.6

$ 1,722.8

$    (36.2)

$      (5.2)

$     (42.4)

$       11.4

Year ended:

Laboratory Solutions

$  4,610.1

$ 4,738.3

$   (128.2)

$        5.5

$     (42.4)

$     (91.3)

Bioscience Production

2,173.5

2,228.9

(55.4)

1.8

—

(57.2)

Total

$  6,783.6

$ 6,967.2

$   (183.6)

$        7.3

$     (42.4)

$    (148.5)

(dollars in millions, %
based on net sales)

December 31

Reconciliation of net sales growth (decline) to
organic net sales growth (decline)

Net sales

growth

(decline)

Foreign
currency
impact

Divestiture
impact

Organic
net

sales
growth

(decline)

2024

2023

Three months ended:

Laboratory Solutions

$  1,125.8

$ 1,182.4

(4.8) %

(0.3) %

(3.6) %

(0.9) %

Bioscience Production

560.8

540.4

3.8 %

(0.3) %

— %

4.1 %

Total

$  1,686.6

$ 1,722.8

(2.1) %

(0.3) %

(2.5) %

0.7 %

Year ended:

Laboratory Solutions

$  4,610.1

$ 4,738.3

(2.7) %

0.1 %

(0.9) %

(1.9) %

Bioscience Production

2,173.5

2,228.9

(2.5) %

0.1 %

— %

(2.6) %

Total

$  6,783.6

$ 6,967.2

(2.6) %

0.1 %

(0.6) %

(2.1) %

 

Adjusted Operating Income by segment

(dollars in millions, %
     represent Adjusted
     Operating Income
     margin)

Three months ended December 31,

Year ended December 31,

2024

2023

2024

2023

$

%

$

%

$

%

$

%

Laboratory Solutions

$ 147.4

13.1 %

$ 157.3

13.3 %

$ 598.0

13.0 %

$ 668.3

14.1 %

Bioscience Production

149.2

26.6 %

132.0

24.4 %

558.2

25.7 %

601.9

27.0 %

Corporate

(17.2)

— %

(14.5)

— %

(66.4)

— %

(58.4)

— %

Total

$ 279.4

16.6 %

$ 274.8

16.0 %

$ 1,089.8

16.1 %

$ 1,211.8

17.4 %

 

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JinkoSolar Announces Results of 2026 Annual General Meeting

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SHANGRAO, China, Oct. 21, 2026 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), today announced that all shareholders resolutions proposed at the Company’s 2026 annual general meeting held today were duly passed.

Specifically, the Company’s shareholders passed the following ordinary resolutions approving:

1. The re-election of Mr. Gang Chu as an independent director of the Company;
2. The re-election of Mr. Steven Markscheid as an independent director of the Company;
3. The ratification of the appointment of PricewaterhouseCoopers Zhong Tian LLP as auditors of the Company for the fiscal year of 2026;
4. The authorization of the directors of the Company to determine the remuneration of the auditors of the Company; and
5. The authorization of each of the directors of the Company to take any and all action that might be necessary to effect the foregoing resolutions 1 to 4 and resolutions 6 to 7 set out below as such director, in his or her absolute discretion, thinks fit.

The Company’s shareholders also passed the following special resolutions approving:

6. The change of the English name of the Company from “JinkoSolar Holding Co., Ltd.” to “Jinko Holdings Limited”; and
7. The adoption of “晶科控股有限公司” as the dual foreign name of the Company.

 About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a holding company combining clean energy industrial operations and strategic investment in emerging technologies. Its industrial foundation is a controlling interest in Jinko Solar Co., Ltd. (SSE: 688223), a global leader in clean energy technology. The Company makes disciplined strategic investments in renewable energy, advanced materials, artificial intelligence, commercial space and other frontier technologies, drawing on its industrial experience and its ability to identify emerging technologies and bring them to commercial scale.

Through Jinko Solar Co., Ltd., the Company distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar has over 10 production facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2026.

For investor and media inquiries, please contact:

In China:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com 

Mr. Christian Arnell
Christensen
Tel: +852 2117 0861
Email: christian.arnell@christensencomms.com 

In the U.S.:

Email: jinko@christensencomms.com 

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Price still dominates car buying in US and Europe, while China puts technology first–Bain & Company survey

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Dealers stay important: More than 80% of car buyers globally now combine online and offline channels, yet nine in 10 still complete their purchase at dealersAI is reshaping car-buying journey in all markets – more than 60% of younger buyers use AI when deciding on their next carConsumers who have test-driven a battery electric vehicle are up to 2.2 times as willing to consider buying oneCustomer loyalty is decreasing – more than a third of customers in Western markets are open to new brands entering the market Autonomous-driving technology could challenge traditional brand loyalty, with consumers willing to switch brands for better functionality

BOSTON and MUNICH, Oct. 21, 2026 /PRNewswire/ — New technologies, including AI, are changing how consumers research and choose cars around the globe. Brand loyalty is decreasing and price continues to play a powerful role in purchasing decisions in the US and Europe, but less so for Chinese buyers, as new research released today by Bain & Company finds.

Bain’s new Global Automotive Consumer Survey, based on responses from more than 12,000 car buyers worldwide*, finds price remains the top consideration when buying a car in the US and Europe, cited by 68% and 62% of consumers respectively, while technology and features (58%) rank ahead of price in China. Loyalty to established automakers also varies considerably: US buyers remain the most committed, while newer Chinese brands are entering consideration in Europe.

The findings come as legacy automakers face weak industry growth and continued pressure on profitability, alongside rapid advances in electrification, artificial intelligence and autonomous driving.

“The car-buying journey is changing quickly, but what stands out is how differently consumers across the globe are responding to that change,” said Klaus Stricker, leader of Bain’s Global Automotive & Mobility practice. “Technology can be a powerful differentiator for some buyers, while for others, price and brand remain decisive. We find that car buyers are increasingly using AI to compare brands, models and options.”

Digital car buying accelerates, but dealerships remain critical

The way consumers choose cars has become increasingly digital. Bain finds that more than 80% of respondents globally now combine online and offline interactions during the purchase journey, while more than six in 10 start the buying process online. China is further ahead, with 95% using both online and physical channels and more than eight in 10 willing to consider completing their purchase online.

But greater use of digital channels has not diminished the importance of the physical dealership. Nine in 10 consumers globally still complete their purchase offline, and more than half of buyers in Europe, the US and China have at least two interactions with dealers along the way.

Artificial intelligence is also reshaping how consumers research and compare cars. AI is already widely used by car buyers across several Asian markets and UAE, reaching more than 90% in Indonesia and close to 80% across age groups in China. In Japan, Europe and the US, adoption is more concentrated among younger buyers, with 52%, 61% and 55% respectively using AI, more than twice the share of older consumers.

Younger consumers drive BEV interest, but barriers to wider adoption remain

Consumer interest in battery electric vehicles (BEVs) is strong, particularly among younger buyers, the survey finds. Younger consumers (Generations Y and Z) in general are more likely to buy BEVs, but in China, willingness to buy BEVs is high across both younger and older generations.

For consumers still reluctant to buy a BEV, cost and charging remain the biggest sticking points. In the US and Europe, around six in 10 are unwilling to pay more for a BEV than for a comparable combustion-engine car, while almost half cite charging times as a concern. Bain concludes that closing the price gap and making charging more convenient will be critical to persuading more consumers to make the switch.

Bain cites an example in Germany where BEV-buying decisions shifted once price parity narrowed. In August 2026, BEV registrations jumped 75% year-on-year to reach around 32% of new car sales. New government incentives and rising fuel prices drove the change – in addition to new strong BEV models entering the market.

Getting more buyers behind the wheel provides another lever. Consumers who have already test-driven a BEV are up to 2.2 times more willing to consider purchasing one than those who have not. Yet mass-market buyers in Europe and the US are less likely to have tried a BEV, compared to premium buyers. With many potential buyers yet to try one, making test-drives easier to access could be one of the most effective ways for automakers and dealers to encourage wider BEV adoption.

Autonomous driving could challenge traditional brand loyalty

Appetite for autonomous-driving technology is substantially stronger in China and several Asian and Middle Eastern markets than in Europe and the US, Bain finds. Some 84% of Chinese consumers would consider buying a vehicle offering at least Level 3 (L3) autonomy, compared with 47% in Europe and 40% in the US. L3 allows a car to drive itself under certain conditions but requires the driver to take over when prompted. Interest is even higher in the UAE, India and Indonesia.

Greater interest in autonomous driving could also weaken traditional brand loyalty. Consumers most interested in the technology are more willing to switch manufacturers for better functionality, with premium buyers in Europe and the US particularly open to changing brands. In China, willingness to switch is more widespread. For automakers, better autonomous-driving functionality could therefore become an increasingly important way to attract customers from competitors.

“Technology is now part of the reason customers choose one manufacturer over another,” Stricker added. “That raises the stakes for automakers. Brands need to understand where customers are willing to pay for innovation, where affordability remains the overriding consideration, and where better technology could be enough to persuade a customer to switch. That requires a much more precise understanding of what different customers value.”

*Markets included in the survey: Canada, US, UK, Germany, France, Italy, UAE, China, India, Indonesia, and Japan. 

Media contacts:
Ann Lee (Singapore) — ann.lee@bain.com
Gary Duncan (London) — gary.duncan@bain.com
Dan Pinkney (Boston) — dan.pinkney@bain.com 

About Bain & Company

Bain & Company works with leaders worldwide to solve their toughest challenges and deliver enduring results. Since 1973, we’ve partnered with clients, including private equity and portfolio companies, to build the capabilities they need to stay ahead of change and help them redefine their industries. We measure our success by our clients’ success, and we proudly hold the highest levels of client advocacy in our field.

Bain is consistently recognized globally as one of the best places to work. We operate as one global team, uniting strategists, industry and functional experts, technologists, and advisors with a vibrant ecosystem of technology partners.

Notes to Editors 

Bain & Company was founded in 1973 and today has 19,000 employees across 67 cities in 40 countries. We have worked with more than two-thirds of the Global 500 and more than 9,000 companies worldwide. Bain has pledged to deliver $2 billion in pro bono consulting to nonprofit, public sector, and charitable organizations by 2035. The firm is consistently recognized as a Leader in major analyst rankings across multiple areas, including digital business, innovation, strategy, experience design, customer experience, and carbon-zero transformation.

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HiTHIUM enters Canada with first 8-hour BESS and sodium-ion solutions adapted to extreme cold

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TORONTO, Oct. 21, 2026 /CNW/ — HiTHIUM, an integrated full-scenario energy storage solutions provider, has announced its entry into the Canadian market. Ranked in the top two globally for energy storage component, the manufacturer has surpassed 200 GWh in cumulative delivered capacity, focusing exclusively on stationary energy storage technologies.

Canada’s energy storage expansion requires reliable large-scale suppliers and local presence

Mizhi Zhang, HiTHIUM President of Global Business, commented: “We are committed to delivering Canadian customers advanced, robust solutions, from 8-hour long duration energy storage to extreme-weather-ready sodium-ion BESS. But this also means being present for customers wherever they are, able to serve them quickly and locally. While Toronto serves as the main hub for our Canadian operations, we have subsidiary offices in British Columbia and Alberta, as well as operating sites in Quebec, Yellowknife, and Fort Smith.” 

HiTHIUM has introduced 4-hour and 8-hour BESS solutions to serve the market’s rapid buildout of utility-scale energy storage. With installed Canadian storage expected to double between 2025 and 2027, and the country’s total wind, solar, and energy storage capacity on track to reach 50 GW by 2035, HiTHIUM is positioned to fill the growing demand for BESS on a large scale. The company has also revealed a new 4 MWh sodium-ion storage solution, which is designed for an extra-long service life, supports storage durations from 2 to 8 hours, and is perfect for extremely cold climates, like Northern Canada.

“Canada’s ambitious clean energy targets, as well as its high safety and regulatory standards, require partners who can deliver advanced technology that’s also tested and compliance-ready. At the same time, project developers have to consider the tough climate. As a vertically integrated, global solutions provider, HiTHIUM is structured to meet exactly this nexus of challenges. Our strategy of advancing both lithium-ion and sodium-ion storage is designed to offer customers in markets like Canada the benefits of flexibility, since we see these technologies as highly complementary,” continued Zhang.

“Our partners, whether major energy developers, public utilities, or industrial enterprises, rely on our readiness for local certification and our long-term bankability to support them, from permitting through project commissioning,” added Jordan Hebbert, HiTHIUM Senior Manager of Canada. “Likewise, they depend on the proven durability of HiTHIUM technology–including performance even in extreme weather conditions. In fact, long-term operational data from North American and European projects has recently demonstrated systems outperforming even our guarantees. And we offer customers a wider range of durations and choice of chemistries because we understand that they’re coming to us with a very diverse range of energy storage needs.”

4-hour or 8-hour BESS: Matching duration to project specifications

The manufacturer’s 4-hour BESS solution consists of its “∞Power” 6.25 MWh container, built on HiTHIUM’s own 1175 Ah cell. Most Canadian projects are currently designed around the 4-hour unit. This enables them to shift wind, solar, and baseload output to later peak times, strengthen grid reliability, and drive the consumption of more renewables, particularly as electrification increases demand. The ∞Power system design fits more capacity into the typical 20-foot container but also reduces a project’s overall footprint, because the containers can be placed back-to-back and side-to-side.

In a groundbreaking step for long duration energy storage, HiTHIUM also developed the first ever native 8-hour solution based on lithium-ion technology. Its 6.9 MWh 8-hour BESS, built with HiTHIUM’s own 1300 Ah cells, fewer components overall, and a 25-year lifespan, is designed to address issues like curtailments and to fill key gaps for zero-downtime industrial segments like AI data centers. For wind project developers and data center operators alike, 8-hour BESS offers risk reduction and greater revenue reliability.  

Extreme fire test validates safety architecture

HiTHIUM additionally worked with UL Solutions at the start of 2026 on an independently conducted, extreme fire test of its 6.25 MWh block’s intrinsic safety systems. A container was subjected to 24 hours of extreme combustion conditions, with its doors opened for maximum thermal spread, while neighboring containers were placed just 15 cm away. Only the containers’ passive safety systems were enabled. The results validated HiTHIUM’s multi-layer safety architecture, with the tested container structurally intact after the test, no thermal propagation across the containers, and the temperatures of cells in adjacent containers remaining below safety thresholds.

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SOURCE HiTHIUM

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