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Gerresheimer Q1 Profit Surges; Lifts FY19 Adj. EBITDA View - Quick Facts

German drug delivery devices maker Gerresheimer AG (GRRMF.PK) reported Thursday that its first-quarter net income climbed to 99.3 million euros from 49.2 million euros last year.

Adjusted net income after non-controlling interests amounted to 109.2 million euros, compared with a prior-year figure of 58.1 million euros. Adjusted earnings per share were 3.48 euros, compared to 1.85 euros last year.

Adjusted EBITDA came to 145.9 million euros, significantly higher than prior year's 52.6 million euros a year ago.

Gerresheimer increased revenues by 6.3% to 308.5 million euros in the first quarter from 290.4 million euros in the prior-year quarter.

Looking ahead for the financial year 2019, revenues are expected to be in the range of approximately 1.4 billion euros to 1.45 billion euros.

For adjusted EBITDA, the Company now expects approximately 387 million euros, plus or minus 5 million euros, versus a comparative figure of 289.1 million euros last year.

The company previously expected adjusted EBITDA of 295 million euros, plus or minus 5 million euros, and the revision relates to the other operating income due to the derecognition of contingent purchase price components from the Sensile Medical acquisition.

The medium-term indications published on February 14 remain unchanged.

Dietmar Siemssen, CEO of Gerresheimer AG, said, "Our new financial year got off to a good start. Our business and all planned growth projects are on schedule. …. I am satisfied with the start of the financial year and very optimistic looking ahead to the remainder of 2019."

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