Stevanato Group reports Q3 diluted EPS EUR 0.11 vs. EUR 0.14 last year

Reports Q3 revenue EUR 277.9M vs. EUR 271.4M last year. Franco Stevanato, Chief Executive Officer, stated, “While we are maintaining our revenue guidance, we are lowering our adjusted EBITDA and adjusted diluted EPS guidance to reflect higher costs predominantly in the Engineering Segment as we advance our business optimization plan, and to a lesser extent higher costs as we increase our validation activities. We remain focused on execution, and we are making progress on many fronts. Our growth investments are currently ramping, and in the third quarter our Latina project was profitable at the gross profit level, while in Fishers, we launched commercial production and generated our first commercial revenue. In Engineering, the actions we have taken have helped us to complete a handful of highly complex projects for key customers that were previously delayed. The effects of destocking are expected to gradually improve into 2025, as we are starting to see some signs of stabilization in vial demand as customers work down inventories.”