Dismal Q2 Earnings Weigh Heavily on Avantor (AVTR) Shares
We recently published 10 Stocks Investors Are Dumping Fast. Avantor, Inc. (NYSE:AVTR)is one of the worst-performing stocks on Friday.
Avantor dropped for a third consecutive day on Friday, shedding 15.48 percent to end at $11.36 apiece as investor sentiment was dented by a broader market pessimism and a dismal earnings performance in the second quarter of the year.
In its updated report, Avantor, Inc. (NYSE:AVTR) said net income during the period decreased by 30 percent to $64.7 million from the $92.9 million reported in the same period last year. Net sales dipped by 1 percent to $1.68 billion from $1.7 billion year-on-year, primarily due to a 3-percent negative impact from a recent M&A, which resulted in flat organic sales.
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In the first half, net profit decreased by 15.7 percent to $129.2 million from $153.3 million year-on-year, while net sales ended at $3.26 billion, lower by 3.5 percent year-on-year.
In other news, Avantor, Inc. (NYSE:AVTR) announced that it is soon to be led by Emmanuel Ligner as its new president and chief executive officer, replacing Michael Stubblefield, who will step down from the post, as well as a director of the company.
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