Avantor Q1 Earnings Up, In Line With Estimates; CEO Michael Stubblefield To Step Down

(RTTNews) - Avantor, Inc. (AVTR), on Friday announced an increase in first quarter earnings, despite a sales drop, compared with the previous year. Additionally, the biotechnology research company said its Director, President, and Chief Executive Officer Michael Stubblefield will be stepping down.

For the first quarter, net income increased to $64.5 million from $60.4 million last year.

On a per share basis, earnings were in line with the previous year quarter's earnings of $0.09.

On an adjusted basis, net income climbed to $155.2 million from $150.6 million in the prior year. Adjusted earnings per share were $0.23 versus $0.22 last year.

21 Analysts, on average, had expected the company to earn profit of $0.23 per share. Analysts' estimates typically exclude special items.

Sales declined 6 percent to $1.58 billion from $1.68 billion last year.

The Board said it has initiated a search for the next CEO. Stubblefield will stay on with the Board until February 2026 to offer ad hoc input, helping a smooth transition.

Further, President and CEO Michael Stubblefield said, "We are expanding our cost transformation initiative and now expect to deliver $400 million in gross run-rate savings exiting 2027."

In the pre-market trading, Avantor is 0.84% lesser at $15.63 on the New York Stock Exchange.