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GEA Q2 Profit Rises; Revenue Down 6.6% - Quick Facts

GEA (GEAGF.PK,GEAGY.PK) reported second quarter profit of 45.2 million euros, an increase of 78.1 percent from prior year. Earnings per share from continuing operations was 0.25 euros compared to 0.15 euros. EBITDA before restructuring measures rose by 26.2 percent to 140.4 million euros.

Second quarter revenue was 1.165 billion euros, down 6.6 percent on previous year. Order intake was 1.034 billion euros, down 9.8 percent from last year, largely as a result of the pandemic. ROCE (return on capital employed) rose to 14.8 percent from 10.5 percent.

GEA increased, in part, its outlook for the 2020 financial year. The Group still expects revenue to be slightly lower. The Group now expects EBITDA before restructuring measures to come in at minimum the upper end of the previous range of 430 million euros to 480 million euros. GEA projects ROCE will now be within a corridor of 12.0 to 14.0 percent rather than the former one of 9.0 to 11.0 percent.

"After a very good first quarter, the decreases in order intake and revenue were expected given the negative effects of the COVID-19 pandemic. The second half of 2020 is set to remain challenging. We have raised our forecast for 2020 in part and remain confident that we will reach our medium-term financial targets," said Stefan Klebert, CEO.

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