Stevanato Group S.p.A. (NYSE: STVN), a leading global provider
of drug containment, drug delivery, and diagnostic solutions to the
pharmaceutical, biotechnology, and life sciences industries, today
announced its financial results for the third quarter of 2022.
Third Quarter 2022 Highlights
- Third quarter revenue increased 14% to €245.3 million, over the
same period last year
- Revenue from high value solutions was approximately 30% of
total revenue
- Reported diluted earnings per share of €0.14 and adjusted
diluted earnings per share of €0.14
- Adjusted EBITDA totaled €65.8 million with an adjusted EBITDA
margin of 26.8%
- Committed backlog increased 21% to approximately €1.01 billion,
over the same period last year
- The Company is raising its full year 2022 guidance primarily
related to favorable currency effects
Third quarter consolidated results
Revenue for the third quarter of 2022 increased 14% to €245.3
million (approximately 11% on a constant currency basis), compared
to the same period last year, driven by growth in the
Biopharmaceutical and Diagnostic Solutions (BDS) segment and
favorable foreign currency translation. Revenue contributions from
more accretive, high value solutions increased to 30% of total
revenue for the third quarter of 2022, compared to 23% for the same
period last year. In the third quarter of 2022, revenue related to
Covid-19 decreased to approximately 13% of total revenue, compared
to approximately 16% in the third quarter of 2021.
For the third quarter of 2022, gross profit margin increased 210
basis points to 31.6%, compared to the same period last year,
driven by a higher mix of high value solutions in the BDS Segment,
improved gross profit margin in the Engineering Segment and
favorable currency translation. The increase was partially offset
by a rise in inflationary costs, especially utilities and
logistics. The Company has recovered the majority of these costs
through price adjustments and expects additional recoveries in
future periods.
Operating profit margin for the third quarter of 2022 increased
to 19.4%, compared to 13.2% in the prior-year period which included
a discretionary bonus for employees of approximately €6.7 million.
The expansion in operating profit margin was driven mainly by
increased gross profit, lower general and administrative expenses,
and higher other income which included residual fees from a
previously disclosed contract modification.
For the third quarter of 2022, net profit totaled €36.3 million,
or €0.14 of diluted earnings per share, while adjusted net profit
was €37.7 million or €0.14 of adjusted diluted earnings per share.
For the third quarter, adjusted EBITDA totaled €65.8 million with
an adjusted EBITDA margin of 26.8%.
Franco Moro, Chief Executive Officer, stated, “We are pleased
with our overall financial results in the third quarter of 2022,
delivering double-digit revenue growth and an expanding EBITDA
margin. While inflationary costs tempered gross profit margin, we
are proactively implementing efforts to mitigate the impacts in the
current global business environment. We remain confident in our
long-term growth strategy driven by our customer’s increasing
demands for our integrated high value solutions which promote
higher quality, increased speed to market and reduced total cost of
ownership. We are well positioned to continue to benefit from
favorable secular tailwinds in our growing end markets."
Biopharmaceutical and Diagnostic Solutions Segment
(BDS)
For the third quarter of 2022, revenue (external customer sales)
from the BDS segment grew 20% to €207.1 million (approximately 15%
on a constant currency basis), driven by growth in core drug
containment products.
Contributions from high value solutions increased 54% to €74.4
million and represented approximately 36% of segment revenue.
Revenue from other containment and delivery solutions increased 7%
to €132.7 million.
Year-over-year gross profit margin expansion was mainly driven
by a greater mix of more accretive high value solutions and
favorable currency translation, which helped offset inflation, and
resulted in a gross profit margin* of 32.7% in the third quarter of
2022, compared to 31.2% in the same period last year. For the third
quarter of 2022, operating profit margin increased to 22.8%,
compared to 18.1% in the same period last year, driven by higher
gross profit, lower general and administrative costs, and an
increase in other income.
Engineering Segment
For the third quarter of 2022, revenue (external customer sales)
from the Engineering segment decreased by 9% to €38.2 million,
compared to the same period last year, mostly due to the timing and
progression of projects in certain business lines, and in line with
Company expectations.
For the third quarter of 2022, gross profit margin* increased to
21.5%, compared to 15.4% for the third quarter of last year, driven
by a higher mix of revenue from more accretive business lines and
ongoing business optimization efforts. As a result, operating
profit margin* improved to 14.0% driven by higher gross profit and
lower general and administrative costs.
*Calculated including intersegment transactions
Balance Sheet and Cash Flow
As of September 30, the Company had a positive net financial
position of €49.6 million and cash and cash equivalents totaled
€259.9 million. As expected, capital expenditures in the third
quarter of 2022 increased to €71.1 million as the Company invests
in its global expansion initiatives.
For the third quarter of 2022, net cash used for operating
activities was €3.8 million and reflects increased working capital
needs to fund growth initiatives and higher levels of inventory to
mitigate supply chain risk in the current environment. For the
three months ended September 30, 2022, free cash flow was negative
€46.3 million, mostly due cash used in investing of €43.2
million.
New Order Intake and Backlog
For the third quarter of 2022, new order intake totaled €247
million, compared to €310 million in the same period last year. The
year-over-year decrease was due to a significant decline in
Covid-19 orders. Excluding new orders related to Covid-19, new
order intake increased by approximately 6% in the third quarter of
2022, compared to the same period last year, demonstrating that the
underlying demand trends remain strong.
The Company ended the third quarter with a committed backlog of
approximately €1.01 billion, a 21% increase over the same period
last year.
Full Year 2022 Guidance
The Company is raising its full year guidance primarily as a
result of favorable currency translation. The updated guidance also
considers the dynamic operating environment including the wind-down
of Covid-19 revenue that is being backfilled by new work, the shift
to high value solutions, and actions taken to accelerate
efficiencies and implement cost management initiatives to help
offset inflation. As a result, the Company now expects:
- Revenue in the range of €961 million to €971 million
- Adjusted diluted EPS in the range of €0.52 to €0.54
- Adjusted EBITDA in the range of €254.5 million to €260.0
million
Executive Chairman, Franco Stevanato, concluded, "We believe our
integrated end-to-end capabilities and robust portfolio of
injectable products are ideally suited to match the demanding
requirements of highly sensitive treatments such as GLP-1s. Thanks
to the scientific and technological capabilities that we offer
through our technology excellence centers, we are supporting our
customers in the early-stage development of new molecules, and we
are building a robust pipeline of promising opportunities. We
believe we are well positioned to capitalize on these opportunities
as we continue to drive shareholder value."
Conference Call
The Company will host a conference call to discuss the financial
results at 8:30 a.m. Eastern Time (14:30 Central European Time) on
Tuesday, November 8, 2022. Management will refer to a slide
presentation during the call, which will be made available on the
day of the call. To view the slide presentation, please visit the
“Financial Results” page, under the Financial Information tab of
the Company's Investor Relations section of its website.
Pre-registration: Participants who pre-register will be
given a conference passcode and unique PIN to gain immediate access
to the call and bypass the live operator. We encourage participants
to pre-register for the conference call using the following link:
http://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=4544003&linkSecurityString=514976446
Webcast: A live, listen-only webcast of the call will be
available at the following link:
https://87399.choruscall.eu/links/stevanato221108.html
Dial in: Those who are unable to pre-register may dial in
by calling:
Italy:
+ 39 02 802 09 11
UK:
+ 44 1 212 818004
USA:
+1 718 705 8796
USA Toll Free:
+1 855 265 6958
Replay: The webcast will be archived for three months on
the Company’s Investor Relations section of its website at:
https://ir.stevanatogroup.com/financial-results
Forward-Looking Statements
This press release may include forward-looking statements. The
words "expects,” “are implementing,” “increasing,” “well
positioned,” “continue,” “remain,” “growing,” “raising,” and
similar expressions (or their negative) identify certain of these
forward-looking statements. These forward-looking statements are
statements regarding the Company's intentions, beliefs or current
expectations concerning, among other things, the investments the
Company expects to receive, the expansion of manufacturing
capacity, the Company’s plans regarding its presence in the U.S.,
business strategies, the Company’s capacity to meet future market
demands and support preparedness for future public health
emergencies, and results of operations. The forward-looking
statements in this press release are based on numerous assumptions
regarding the Company’s present and future business strategies and
the environment in which the Company will operate in the future.
Forward-looking statements involve inherent known and unknown
risks, uncertainties and contingencies because they relate to
events and depend on circumstances that may or may not occur in the
future and may cause the actual results, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward looking statements. Many of
these risks and uncertainties relate to factors that are beyond the
Company's ability to control or estimate precisely, such as future
market conditions, currency fluctuations, the behavior of other
market participants, the actions of regulators and other factors
such as the Company's ability to continue to obtain financing to
meet its liquidity needs, changes in the political, social and
regulatory framework in which the Company operates or in economic
or technological trends or conditions. For a description of the
risks that could cause the Company’s future results to differ from
those expressed in any such forward looking statements, refer to
the risk factors discussed in our annual report on Form 20-F/A for
the year ended December 31, 2021, filed with the U.S. Securities
and Exchange Commission on April 5, 2022. Readers should therefore
not place undue reliance on these statements, particularly not in
connection with any contract or investment decision. Except as
required by law, the company assumes no obligation to update any
such forward-looking statements.
Non-GAAP Financial Information
This press release contains non-GAAP financial measures. Please
refer to the tables included in this press release for a
reconciliation of non-GAAP financial measures.
Management monitors and evaluates our operating and financial
performance using several non-GAAP financial measures, including
Constant Currency Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Operating Profit, Adjusted Operating Profit
Margin, Adjusted Net Profit, Adjusted Diluted EPS, Capital
Employed, Net Cash, Free Cash Flow, and CAPEX. We believe that
these non-GAAP financial measures provide useful and relevant
information regarding our performance and improve our ability to
assess our financial condition. While similar measures are widely
used in the industry in which we operate, the financial measures we
use may not be comparable to other similarly titled measures used
by other companies, nor are they intended to be substitutes for
measures of financial performance or financial position as prepared
in accordance with IFRS.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of
drug containment, drug delivery and diagnostic solutions to the
pharmaceutical, biotechnology and life sciences industries. The
Group delivers an integrated, end-to-end portfolio of products,
processes and services that address customer needs across the
entire drug life cycle at each of the development, clinical and
commercial stages. Stevanato Group’s core capabilities in
scientific research and development, its commitment to technical
innovation and its engineering excellence are central to its
ability to offer value added solutions to clients. To learn more,
visit: www.stevanatogroup.com.
Consolidated Income
Statement
(Amounts in € millions, except
per share data)
(Unaudited)
For the three months
For the nine months
ended September 30,
ended September 30,
2022
%
2021
%
2022
%
2021
%
Revenue
245.3
100.0
%
214.5
100.0
%
691.6
100.0
%
611.3
100.0
%
Costs of sales
167.7
68.4
%
151.3
70.5
%
472.0
68.2
%
419.0
68.5
%
Gross Profit
77.5
31.6
%
63.3
29.5
%
219.6
31.8
%
192.4
31.5
%
Other operating Income
3.4
1.4
%
1.7
0.8
%
12.1
1.7
%
7.2
1.2
%
Selling and Marketing Expenses
5.9
2.4
%
4.7
2.2
%
17.8
2.6
%
16.0
2.6
%
Research and Development Expenses
7.6
3.1
%
7.4
3.4
%
23.8
3.4
%
20.1
3.3
%
General and Administrative Expenses
19.9
8.2
%
24.7
11.5
%
60.8
8.8
%
44.7
7.3
%
Operating Profit
47.5
19.4
%
28.2
13.2
%
129.3
18.7
%
118.8
19.4
%
Finance Income
6.7
2.7
%
2.1
1.0
%
17.2
2.5
%
6.4
1.0
%
Finance Expense
8.3
3.4
%
8.0
3.7
%
22.7
3.3
%
13.7
2.2
%
Share of Profit of an Associate
—
0.0
%
0.2
0.1
%
—
0.0
%
0.5
0.1
%
Profit Before Tax
46.0
18.8
%
22.4
10.4
%
123.8
17.9
%
112.0
18.3
%
Income Taxes
9.8
4.0
%
3.8
1.8
%
29.1
4.2
%
22.3
3.6
%
Net Profit
36.3
14.8
%
18.6
8.7
%
94.7
13.7
%
89.7
14.7
%
Earnings per share
Basic earnings per common share
0.14
0.07
0.36
0.36
Diluted earnings per common share
0.14
0.07
0.36
0.36
Average common shares outstanding
264.7
264.5
264.7
248.7
Average shares assuming dilution
264.7
264.5
264.7
248.7
Reported Segment
Information
(Amounts in €
millions)
(Unaudited)
For the three months ended
September 30, 2022
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
207.1
38.2
—
245.3
Inter-Segment
0.4
32.5
(32.9
)
—
Revenue
207.5
70.7
(32.9
)
245.3
Gross Profit
67.8
15.2
(5.5
)
77.5
Gross Profit Margin
32.7
%
21.5
%
16.7
%
31.6
%
Operating Profit
47.3
9.9
(9.7
)
47.5
Operating Profit Margin
22.8
%
14.0
%
29.5
%
19.4
%
For the three months ended
September 30, 2021
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
172.8
41.8
—
214.5
Inter-Segment
0.3
17.7
(18.0
)
—
Revenue
173.1
59.5
(18.0
)
214.5
Gross Profit
53.9
9.1
0.2
63.3
Gross Profit Margin
31.2
%
15.4
%
-1.1
%
29.5
%
Operating Profit
31.3
4.2
(7.3
)
28.2
Operating Profit Margin
18.1
%
7.1
%
40.6
%
13.1
%
For the nine months ended
September 30, 2022
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
568.1
123.4
—
691.6
Inter-Segment
1.0
83.7
(84.7
)
—
Revenue
569.1
207.1
(84.7
)
691.6
Gross Profit
188.2
45.1
(13.7
)
219.6
Gross Profit Margin
33.1
%
21.8
%
31.8
%
Operating Profit
127.6
30.0
(28.3
)
129.3
Operating Profit Margin
22.4
%
14.5
%
18.7
%
For the nine months ended
September 30, 2021
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
508.2
103.2
—
611.3
Inter-Segment
0.8
39.3
(40.1
)
—
Revenue
509.0
142.5
(40.1
)
611.3
Gross Profit
168.8
25.6
(2.0
)
192.4
Gross Profit Margin
33.2
%
18.0
%
31.5
%
Operating Profit
111.2
12.0
(4.4
)
118.8
Operating Profit Margin
21.8
%
8.4
%
19.4
%
Cash Flow
(Amounts in €
millions)
(Unaudited)
For the three months ended
September 30,
For the nine months ended
September 30,
2022
2021
2022
2021
Cash flow from operating activities
(3.8
)
17.9
43.6
77.9
Cash flow used in investing activities
(43.2
)
(28.6
)
(174.1
)
(75.3
)
Cash flow from/ (used in) financing
activities
(9.9
)
337.1
(25.9
)
307.3
Net change in cash and cash
equivalents
(57.0
)
326.4
(156.5
)
309.8
Non-U.S. GAAP Financial Information
This press release contains non-U.S. GAAP financial measures.
Please refer to "Non-U.S. GAAP Financial Information" and the
tables included in this press release for a reconciliation of
non-U.S. GAAP financial measures.
Reconciliation of Revenue to
Constant Currency Revenue
(Amounts in €
millions)
(Unaudited)
Three months ended September 30,
2022
Biopharmaceutical and
Diagnostic Solutions
Engineering
Reported Revenue (IFRS GAAP)
207.1
38.2
Effect of changes in currency translation
rates
(8.1
)
0.0
Organic Revenue (Non-IFRS GAAP)
199.0
38.2
Nine months ended September 30,
2022
Biopharmaceutical and
Diagnostic Solutions
Engineering
Reported Revenue (IFRS GAAP)
568.1
123.4
Effect of changes in currency translation
rates
(19.8
)
0.0
Organic Revenue (Non-IFRS GAAP)
548.3
123.4
Reconciliation of
EBITDA
(Amounts in €
millions)
(Unaudited)
For the three months ended
September 30,
Change
For the nine months ended
September 30,
Change
2022
2021
%
2022
2021
%
Net Profit
36.3
18.6
95.2
%
94.7
89.7
5.6
%
Income Taxes
9.8
3.8
157.9
%
29.1
22.3
30.5
%
Finance Income
(6.8
)
(2.1
)
223.8
%
(17.2
)
(6.4
)
168.8
%
Finance Expenses
8.3
8.0
3.8
%
22.7
13.7
65.7
%
Share of profit of an associate
—
(0.2
)
(100.0
)%
—
(0.5
)
(100.0
)%
Operating Profit
47.5
28.2
68.4
%
129.3
118.7
8.9
%
Depreciation and Amortization
16.7
14.9
12.1
%
47.8
41.3
15.7
%
EBITDA
64.2
43.2
48.6
%
177.1
160.0
10.7
%
Reconciliation of Reported and
Adjusted EBITDA, Operating Profit, Income Taxes, Net Profit, and
Diluted EPS
(Amounts in € millions, except
per share data)
(Unaudited)
Three months ended September 30,
2022
EBITDA
Operating Profit
Income Taxes
Net Profit
Diluted EPS
Reported
64.2
47.5
9.8
36.3
0.14
Adjusting items:
Start-up costs new plants (1)
1.6
1.6
0.2
1.4
0.01
Adjusted
65.8
49.1
10.0
37.7
0.14
Adjusted Margin
26.8
%
20.0
%
—
—
—
Three months ended September 30,
2021
EBITDA
Operating Profit
Income Taxes
Net Profit
Diluted EPS
Reported
43.2
28.2
3.8
18.6
0.07
Adjusting items:
Restructuring and related charges (2)
0.2
0.2
0.1
0.1
0.00
Incentive Plans Settlement (3)
0.0
0.0
0.0
0.0
0.00
IPO costs reversed (booked as at March 31,
2021) (4)
0.7
0.7
0.2
0.5
0.00
Out-of-cycle bonus to personnel (5)
6.7
6.7
1.8
4.9
0.02
Foreign exchange loss for derivates on IPO
proceeds (6)
—
—
1.0
3.3
0.01
Start-up costs U.S. plant (1)
0.6
0.6
0.2
0.5
0.00
Patent Box (7)
—
—
1.6
(1.6
)
(0.01
)
Adjusted
51.4
36.5
8.6
26.4
0.10
Adjusted Margin
24.0
%
17.0
%
—
—
—
Nine months ended September 30,
2022
EBITDA
Operating Profit
Income Taxes
Net Profit
Diluted EPS
Reported
177.1
129.3
29.1
94.7
0.36
Adjusting items:
Start-up costs new plants (1)
4.6
4.6
1.1
3.5
0.01
Adjusted
181.7
133.9
30.2
98.2
0.36
Adjusted Margin
26.3
%
19.4
%
—
—
—
Nine months ended September 30,
2021
EBITDA
Operating Profit
Income Taxes
Net Profit
Diluted EPS
Reported
160.1
118.7
22.3
89.7
0.36
Adjusting items:
Restructuring and related charges (2)
1.2
1.2
0.3
0.9
0.00
Incentive Plans Settlement (3)
(9.9
)
(9.9
)
(4.8
)
(5.1
)
(0.02
)
IPO costs (4)
0.7
0.7
0.2
0.5
0.00
Out-of-cycle bonus to personnel (5)
6.7
6.7
1.8
4.9
0.02
Foreign exchange loss for derivates on IPO
proceeds (6)
—
—
1.0
3.3
0.01
Start-up costs U.S. plant (1)
0.6
0.6
0.2
0.5
0.00
Patent Box (7)
—
—
7.1
(7.1
)
(0.03
)
Adjusted
159.4
118.1
28.2
87.5
0.35
Adjusted Margin
26.1
%
19.3
%
—
—
—
(1)
During the three months and nine months
ended September 30, 2022, the Group recorded €1.6 million and €4.6
million, respectively, of start-up costs for the new plant in
Fishers, Indiana, United States, in Zhangjiagang, China, and in
Latina, Italy. During the first three quarters of 2021, the Group
recorded €0.6 million of start-up costs to further the construction
of the new plant in Fishers, Indiana, United States.
(2)
During the three months and nine months
ended September 30, 2021, the Group recorded €0.2 million and €1.2
million, respectively, in restructuring and related charges for the
consolidation of Balda plants in the U.S.
(3)
During the nine months ended September 30,
2021, the Group recorded €9.9 million, within general and
administrative expenses, as an accrual reversal related to the
early termination of incentive plans aimed at a limited number of
key managers. The three months ended September 30, 2021, are not
affected by this non-recurring item.
(4)
During the three and nine months ended
September 30, 2021, the Group recorded €0.7 million, within general
and administrative expenses, relating to the listing of Stevanato
Group’s ordinary shares on the NYSE.
(5)
During the three and nine months ended
September 30, 2021, the Group granted a €6.7 million discretionary,
out-of-cycle bonus to employees.
(6)
During the three and nine months ended
September 30, 2021, the Group recorded €3.3 million, as foreign
exchange loss for derivates on IPO proceeds.
(7)
During the nine months ended September 30,
2021, the Group reached an agreement with the Italian Tax agency
regarding the so-called “Patent box regime,” resulting in a
retroactive tax saving for the financial years 2016-2020 amounting
to €5.5 million based on our initial estimates.
Capital Employed
(Amounts in €
millions)
(Unaudited)
As of September 30, 2022
As of December 31, 2021
- Goodwill and Other intangible assets
81.7
79.2
- Right of Use assets
21.0
22.7
- Property, plant and equipment
570.2
392.7
- Investments in associate
—
—
- Financial assets - investments FVTPL
1.1
1.1
- Other non-current financial assets
0.9
1.3
- Deferred tax assets
65.7
55.9
Non-current assets
740.6
552.9
- Inventories
218.1
148.9
- Contract assets
91.7
62.1
- Trade receivables
204.2
165.3
- Trade payables
(203.1
)
(164.8
)
- Advances from customers
(26.8
)
(23.6
)
- Contract liabilities
(23.1
)
(18.8
)
Trade working capital
261.0
169.1
- Tax receivables and Other
receivables
80.3
51.4
- Tax payables and Other liabilities
(117.9
)
(85.3
)
Net working capital
223.4
135.3
- Deferred tax liabilities
(21.7
)
(19.1
)
- Employees benefits
(8.0
)
(11.9
)
- Provisions
(4.9
)
(3.5
)
- Other non-current liabilities
(16.0
)
(1.8
)
Total non-current liabilities and
provisions
(50.6
)
(36.3
)
Capital employed
913.5
651.9
Net cash
49.6
189.8
Equity
(963.1
)
(841.7
)
Total equity and net cash
(913.5
)
(651.9
)
Free Cash Flow
(Amounts in €
millions)
(Unaudited)
For the three months ended
September 30,
For the nine months ended
September 30,
2022
2021
2022
2021
Cash flow from operating activities
(3.8
)
17.9
43.6
77.9
Interest paid
0.7
0.9
2.5
3.1
Interest received
(0.1
)
(0.1
)
(0.5
)
(0.5
)
Purchase of property, plant and
equipment
(40.4
)
(27.3
)
(167.1
)
(71.4
)
Proceeds from sale of property, plant and
equipment
—
—
0.5
—
Purchase of intangible assets
(2.7
)
(1.3
)
(7.8
)
(3.4
)
Free Cash Flow
(46.3
)
(9.9
)
(128.8
)
5.8
Net Cash
(Amounts in €
millions)
(Unaudited)
As of September 30,
As of December 31,
2022
2021
Non-current financial liabilities
(170.8
)
(202.3
)
Current financial liabilities
(72.9
)
(46.2
)
Other current financial assets
33.4
27.2
Cash and cash equivalents
259.9
411.0
Net Cash
49.6
189.8
CAPEX
(Amounts in €
millions)
(Unaudited)
For the three months ended
September 30,
Change
For the nine months ended
September 30,
Change
2022
2021
€
2022
2021
€
Addition to Property, plant and
equipment
68.4
24.2
44.2
194.6
67.5
127.1
Addition to Intangible Assets
2.7
1.3
1.4
7.8
3.4
4.4
CAPEX
71.1
25.5
45.6
202.4
70.9
131.5
Reconciliation of 2022 Updated
Guidance Reported and Adjusted EBITDA, Operating Profit, Net
Profit, Diluted EPS
(Amounts in € millions, except
per share data)
(Unaudited)
EBITDA
Operating Profit
Net Profit
Diluted EPS
Reported
247.9 - 253.4
181.9 - 187.5
133.6 - 137.9
0.50 - 0.52
Adjusting items:
Start-up costs New Plants
6.6
6.6
5.0
0.02
Adjusted
254.5 - 260.0
188.5 - 194.0
138.6 - 142.8
0.52 - 0.54
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005557/en/
Media Stevanato Group media@stevanatogroup.com
Investor Relations Lisa Miles
lisa.miles@stevanatogroup.com
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