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Gerresheimer AG Q3 Net Income Declines, Revenues Up 7.8% On Organic Basis

Gerresheimer AG (GRRMF.PK) reported third-quarter net income to equity holders of the parent of 18.42 million euros compared to 25.60 million euros, prior year. Earnings per share was 0.59 euros compared to 0.82 euros. Adjusted EBITDA at constant exchange rates decreased to 76.1 million euros from 78.2 million euros in the prior-year quarter. Excluding two negative effects, adjusted EBITDA at constant exchange rates would have totaled 79.5 million euros, 1.3 million euros higher than in the prior-year quarter. Adjusted net income after non-controlling interests came to 32.0 million euros in the third quarter, compared with 31.3 million euros in the prior-year quarter. The adjusted earnings per share after non-controlling interests came to 1.02 euros in the third quarter, compared to 1.00 euros, a year earlier.

The Gerresheimer Group increased revenues at constant exchange rates by 8.8% in the third quarter of 2018, to 364.4 million euros from 335.0 million euros the prior-year quarter. This includes 3.5 million euros from Sensile Medical, which was acquired in July 2018. On an organic basis, adjusted for exchange rate effects and Sensile Medical, revenues went up by 7.8% relative to the prior-year quarter.

Gerresheimer continues to expect revenues at constant exchange rates, excluding the Advanced Technologies Division, to be between approximately 1.38 billion euros and 1.4 billion euros in the financial year 2018. For adjusted EBITDA at constant exchange rates, excluding the Advanced Technologies Division, Gerresheimer continues to project a range of around 305 million euros to 315 million euros. The Group noted that its adjusted EBITDA, depending on the progress of necessary development work for the large projects, may tend toward approximately 305 million euros.

Separately, the company announced that Andreas Schütte will step down from the Management Board of Gerresheimer AG at his own request as of February 28. The responsibilities will be assumed from March 1, 2019 by Dietmar Siemssen, who takes up office as CEO of Gerresheimer AG on November 1, 2018.

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