Stevanato Group has announced its financial results for the fourth quarter and full year 2023.
Fourth Quarter and FY 2023 Highlights (compared with the same period last year)
- Revenue for the fourth quarter of 2023 increased 10 percent to EUR 320.6 million and high-value solutions represented 37 percent of total revenue.
- For the fourth quarter, diluted earnings per share were EUR 0.17 and adjusted diluted earnings per share were EUR 0.18.
- Adjusted EBITDA margin for the fourth quarter was 27 percent.
- For fiscal year 2023, revenue increased 10 percent to EUR 1,085.4 million and high-value solutions represented 34 percent of total revenue.
- For fiscal year 2023, diluted earnings per share were EUR 0.55 and adjusted diluted earnings per share were EUR 0.58.
- Adjusted EBITDA margin for fiscal year 2023 was 26.9 percent.
- The Company is establishing fiscal year 2024 guidance and expects revenue in the range of EUR 1,180 million to EUR 1,210 million, adjusted EBITDA in the range of EUR 314.1 million to EUR 329.5 million and adjusted diluted EPS between EUR 0.62 and EUR 0.66.
2024 Guidance and Mid-Term Objectives
The Company is establishing full year 2024 guidance and expects:
- Revenue in the range of EUR 1,180 million to EUR 1,210 million,
- Adjusted EBITDA in the range of EUR 314.1 million to EUR 329.5 million and
- Adjusted diluted EPS in the range of EUR 0.62 to EUR 0.66.
Stevanato Group estimates that capital expenditures in 2024 will range between 25 percent and 28 percent of total revenue based on the midpoint of its 2024 revenue guidance range.
The Company is maintaining its mid-term targets for fiscal years 2025 to 2027 of low double-digit revenue growth; and in 2027 a share of high-value solutions between 40 percent and 45 percent of total revenue and an adjusted EBITDA margin of approximately 30 percent.
Executive Chairman, Franco Stevanato, concluded, “We expect that favorable secular tailwinds will continue to drive robust demand for our high-value solutions and we have been investing in expanding capacity to meet market demand. We expect these investments will fuel organic growth in the mid-term as we efficiently leverage our invested capital to exploit the opportunities in front of us. We are focused on driving future growth through solid execution and we believe we have the right strategy, the right product portfolio and the right team to succeed as we work toward creating and driving long-term shareholder value.”
The full report is available here.