Avantor, Inc. (NYSE:AVTR) Q3 2023 Earnings Conference Call October 27, 2023 8:00 AM ET
Company Participants
Christina Jones - VP, IR
Michael Stubblefield - President & CEO
Brent Jones - EVP & CFO
Conference Call Participants
Daniel Brennan - TD Cowen
Vijay Kumar - Evercore ISI
Jack Meehan - Nephron Research
Michael Ryskin - Bank of America
Patrick Donnelly - Citi
Rachel Vatnsdal - JPMorgan
Luke Sergott - Barclays
Daniel Leonard - UBS
Catherine Schulte - Robert W. Baird
Operator
Good morning. My name is Emily, and I'll be your conference operator today. At this time, I would like to welcome everyone to Avantor's Third Quarter 2023 Earnings Results Conference Call. [Operator Instructions]
I will now turn the call over to Christina Jones, Vice President of Investor Relations. Mrs. Jones, you may begin the conference.
Christina Jones
Good morning. Thank you for joining us. Our speakers today are Michael Stubblefield, President and Chief Executive Officer; and Brent Jones, Executive Vice President and Chief Financial Officer. The press release and a presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. A replay of this webcast will also be made available on our website after the call. Following our prepared remarks, we will open the line for questions.
During this call, we will be making some forward-looking statements within the meaning of the Federal securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings.
Actual results might differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of the date that they are made. We do not assume any obligation to update these forward-looking statements as a result of new information, future events or other developments.
This call will include a discussion of non-GAAP measures. A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosure package on our Investor Relations website.
With that, I will now turn the call over to Michael.
Michael Stubblefield
Thank you, CJ, and good morning, everyone. I appreciate you joining us today. I'm starting on Slide 3. Third quarter business results were in line with our guidance across all key financial metrics, including core organic revenue contraction of 7.9% and adjusted EPS of $0.25. As anticipated, market conditions in the third quarter were similar to the conditions in the second quarter, as inventory destocking and cautious customer spending continued to impact demand in our Biopharma, Healthcare and Advanced Technology and Applied Materials end markets. These headwinds were partially offset by continued strong growth in sales to our higher education customers and in our biomaterials platform, where we delivered another quarter of double-digit growth.