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Vaccine vial maker Stevanato ticks up 2021 guidance after Q3 results -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A medical worker is holding a COVID-19-vaccination vial in Rome’s newly opened mass vaccine centre, Cecchignola, Italy. February 23, 2021. REUTERS/Remo Casilli/File photo

MILAN (Reuters), – Stevanato, an Italian manufacturer of vaccine vials, slightly revised its guidance for full-year results on Tuesday after reporting a 37% rise in revenue during the third quarter.

According to the family-controlled company, it expects total sales for the full year between 825-835 millions euros and $953-$965million. This is an increase from its August forecast of 820-830 million Euros.

It also increased its lower expectations for core profits as well as adjusted diluted earnings (EPS) to reflect that it sees adjusted EBITDA at at least 214m euros and adjusted EBITDA at at least 0.45 euro, respectively. This is an increase from the previous 212 million and 0.43 million.

Revenue reached 214.5 millions euros in the third quarter. Around 16% of this figure was attributable to COVID-19-related businesses.

Stevanato said that the company has awarded an additional discretionary bonus amounting to 6.7 million euro to all employees in recognition of their contributions over the last 18 month.

($1 = 0.8655 euros)

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