Avantor, Inc. (NYSE:AVTR) reported better-than-expected second-quarter earnings results on Friday.

Avantor posted adjusted earnings of 25 cents per share, beating market estimates of 23 cents per share. The company posted sales of $1.703 billion, in-line with estimates, according to data from Benzinga Pro.

"Our teams delivered another solid quarter with sequential improvements to all key financial metrics. Improved mix from increased bioprocessing revenue together with the accelerated impact of our cost transformation initiative drove more than 100 basis points of sequential Adjusted EBITDA margin expansion, while disciplined working capital management led to free cash flow conversion above 100%," said Michael Stubblefield, President and Chief Executive Officer. "We are reaffirming our fiscal year 2024 guidance and remain focused on executing our long-term growth strategy and delivering value to our customers and shareholders."

Avantor shares gained 12.2% to close at $25.60 on Friday.

These analysts made changes to their price targets on Avantor following the announcement.

• Baird analyst Catherine Schulte maintained Avantor with an Outperform rating, while raising the price target from $26 to $27.
• Stifel analyst Daniel Arias maintained the stock with a Buy and raised the price target from $27 to $28.

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