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Gerresheimer Q2 Profit Increases

German drug delivery devices maker Gerresheimer AG (GRRMF.PK) reported that its net income for the second quarter of 2019 significantly increased to 47.1 million euros from 19.3 million euros in the prior-year quarter.

Adjusted net income after non-controlling interests amounted to 58.7 million euros, compared to 26.0 million euros in the prior year. Adjusted earnings per share were 1.87 euros, compared to 0.83 euros in the prior year. The latest-quarter result was influenced by the positive effect from the derecognition of contingent purchase price components.

Quarterly revenues increased 7.2% to 356.5 million euros from 332.6 million euros in the prior-year quarter.

Looking ahead for the financial year 2019, the company still expects revenues to be in the range of about 1.4 billion euros to 1.45 billion euros.

The company now expects annual adjusted EBITDA of about 295 million plus or minus 5 million euros. The company said in April that it expected annual adjusted EBITDA of about 387 million euros, plus or minus 5 million euros.

The medium-term indications remain unchanged.

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