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GEA Group Q2 Profit, Orders Climb; Raises FY21 View; To Buy Back EUR 300 Mln Shares

German food and beverages company GEA Group AG (GEAGF.PK,GEAGY.PK) reported Friday that its second-quarter profit climbed 70 percent to 76.9 million euros from previous year's 45.2 million euros.

Earnings per share increased to 0.43 euro from 0.25 euro in the second quarter.

EBITDA before restructuring expenses went up 9.4 percent from last year to 153.7 million euros. EBITDA margin before restructuring expenses raised 1.2 percentage points to 13.3 percent.

GEA's revenue was 1.156 billion euros, down 0.8 percent from last year's 1.165 billion euros. In organic terms, however, revenue grew 3.4 percent.

In the second quarter, order intake rose 25.1 percent to 1.29 billion euros from 1.034 billion euros last year with growth in all divisions and regions. On an organic basis, the improvement was 30.2 percent.

Further, GEA significantly raised its outlook for fiscal year 2021. The company now expects organic revenue growth of 5 to 7 percent, compared to previously expected 0 to 5 percent.

EBITDA before restructuring expenses at constant exchange rates is now expected to be in a range between 600 million euros and 630 million euros, compared to previously expected between 530 million euros and 580 million euros.

The company also announced share buyback program with a volume of up to 300 million euros.

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