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Gerresheimer Q3 profit rises, organic revenues up 1.4%

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Staff Writer | October 6, 2016
Gerresheimer reported that its third-quarter net income to shareholders increased to 30.9 million euros from 18.2 million euros, prior year.
Gerresheimer   Earnings per share was 0.99 euros
Earnings per share was 0.99 euros compared to 0.58 euros. Adjusted EBITDA was 84.4 million euros, an increase of 24.2% on the prior-year figure. At 22.6%, the adjusted EBITDA margin was significantly higher than the 19.8% reported in the prior-year quarter.

Adjusted net income amounted to 38.7 million euros in the third quarter, compared to 29.2 million euros in the prior-year quarter. Adjusted earnings per share rose to 1.19 euros from 0.89 euros.

In the third quarter, revenues increased by 8.4% to 373.1 million euros. On an organic basis, adjusted for exchange rate effects, acquisitions and divestments, revenues were up 1.4%.

Gerresheimer announced on September 12, 2016 that it is to sell its Life Science Research Division to Duran group, a portfolio company of One Equity Partners.

Given that the division will be accounted for as a discontinued operation in accordance with IFRS 5, the company revised its guidance for financial year 2016 accordingly.

Gerresheimer now expects 2016 revenues of around 1.4 billion euros, plus or minus 25 million euros, which correspond to revenue growth of some 10% at constant exchange rates compared with financial year 2015 adjusted for the Life Science Research Division and organic revenue growth of between around 4% and 5% as before.

Adjusted EBITDA is expected to increase to some 305 million euros, plus or minus 10 million euros, in fiscal 2016.

Gerresheimer said the company is aiming for average annual organic revenue growth of between 4% and 5% for the period 2016 to 2018.

For the adjusted EBITDA margin, the company has raised its target from about 22% to over 22% for fiscal 2018.