Merck KGaA (MKGAY.PK) said its fourth-quarter net income more than doubled to 271.8 million euros, or 1.25 euros per share, from 132.9 million euros, or 0.61 euros per share, last year, due to favorable one-time effects on income tax and a better operational performance. Earnings per share pre one-time items were 2.05 euros this quarter, higher than 1.66 euros in the 2011 period.
Excluding one-time items, EBITDA totaled 789.8 million euros, a 16.1 increase, compared with the prior year's 680.6 million euros.
The firm clocked total revenues of 2.83 billion euros, up 8% from 2.63 billion euros a year before, with quarterly sales rising 7.4% year-on-year to 2.71 billion euros, from 2.52 billion euros, as a result of 5.6% organic growth and 1.8% from changes in foreign exchange rates.
For fiscal 2012, Merck would propose to the Annual General Meeting on April 26 that the dividend payment be increased by 20 cents to 1.70 euros per share, up 13%.
Going ahead, the Group sales are expected to grow organically at a moderate pace in both 2013 and 2014. At the Group level, EBITDA pre one-time items would rise faster than sales as a result of net cost savings realized from the Group-wide restructuring program "Fit for 2018". With one-time costs peaking in 2012, this should lead to a significant increase in net income in 2013 and 2014, Merck added.
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