Avantor (AVTR) Loses 23% on Steel Q3 Loss

We recently published 10 Stocks Plunging Fast; 5 Now at All-Time Lows. Avantor Inc. (NYSE:AVTR) is one of the worst-performing stocks on Wednesday.

Avantor extended its losing streak to a 4th straight day on Wednesday, losing 23.21 percent to close at $11.58 apiece after swinging to a steep loss in the third quarter of the year.

In an updated report, Avantor Inc. (NYSE:AVTR) said it fell to a net loss of $711.8 million from a $57.8 million net income in the same period last year.

Net sales also dropped by 5.9 percent to $1.6 billion from $1.7 billion year-on-year, dampened by a 2.8 percent negative impact from a merger and acquisition transaction.

In the nine-month period, Avantor Inc. (NYSE:AVTR) swung to a net loss of $582.6 million, reversing a $211.1 million net income in the same comparable period. Net sales dipped by 3.9 percent to $4.9 billion from $5.1 billion year-on-year.

“Avantor’s diverse portfolio, strong production capabilities, and long-standing customer relationships provide a strong foundation for sustained value creation,” said Avantor Inc. (NYSE:AVTR) President and CEO Emmanuel Ligner.

“To position Avantor for success in any macroeconomic environment, we are making decisive, meaningful changes aimed at improving execution, accountability and financial performance. We are taking action to evolve our go-to-market approach, sharpen our customer value proposition, and invest strategically in our manufacturing and supply chain. We are also carefully scrutinizing our portfolio to ensure our focus is on the opportunities that will drive the greatest value creation for our customers and shareholders,” he noted.

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Disclosure: None. This article is originally published at Insider Monkey.