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Gerresheimer Q4 Adj. Profit Rises, Extends CEO Siemssen's Contract By Five Years

German drug delivery devices maker Gerresheimer AG (GRRMF.PK) reported Thursday that its adjusted net income for the fourth quarter rose to 41.8 million euros from 28.0 million euros in the prior-year quarter. Adjusted earnings per share increased to 1.31 euros from 0.88 euros last year.

Adjusted EBITDA for the quarter was 99.9 million euros, compared to 81.6 million euros a year ago. In the core business, adjusted EBITDA rose organically by 6.5 percent, compared to the prior-year quarter.

Revenues for the quarter grew to 402.8 million euros from 368.6 million euros in the year-ago period, representing organic growth of 7.3 percent in the core business comprising the Plastics & Devices and Primary Packaging Glass Divisions.

Looking ahead to fiscal 2021, Gerresheimer forecast revenue growth in the mid-single-digit percentage range and adjusted earnings per share to increase by around 10 percent.

For the medium term, the company projects revenue growth in the high single-digit percentage range and adjusted earnings per share to improve by at least 10 percent per year.

The company said its Management Board and Supervisory Board are proposing a dividend of 1.25 euro per share for the financial year 2020, the tenth increase in a row.

At its meeting yesterday, Gerresheimer's Supervisory Board extended the contract with CEO Dietmar Siemssen, aged 57, by five years to the end of October 2026. Dietmar Siemssen has been CEO of Gerresheimer since November 2018.

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