Fresenius Medical Care AG & Co. KGaA (FMS), a unit of Fresenius SE (FSNPF.PK,FSNUF.PK), on Tuesday lowered its revenue forecast for 2011, citing a weak euro in the fourth quarter. The Germany-based company also expects earnings at the low end of the previous guidance owing to some acquisition-related costs.
In early November, Fresenius Medical Care had confirmed its full-year sales and earnings outlook, stating it continues to expect net income of $1.07 billion to $1.09 billion and revenue growing above $13 billion.
The world's largest provider of dialysis products and services today said it expects revenue to be around 1 to 2 percent below the $13 billion benchmark, predominately due to weakening of the euro and other currencies against the US dollar in the fourth quarter.
The company expects net income attributable to the company at the low end of the previous guidance range of $1.07 billion -$1.09 billion, principally due to additional one-time costs incurred in 2011 related to acquisitions.
In August, Fresenius Medical Care had announced two acquisitions - a $1.7 billion deal to buy Liberty Dialysis Holdings, Inc. as well as the $385 million purchase of American Access Care Holdings, LLC. Purchase of Liberty Dialysis is slated to close early next year with the deal expected to be accretive to earnings in the first year after closing.
Purchase of American Access Care, which operates 28 freestanding out-patient centers dedicated mainly to vascular access needs of dialysis patients, was said to close in the fourth quarter, adding to earnings in the first year after completion.
Ben Lipps, Chief Executive Officer and Chairman of the Management Board of Fresenius Medical Care, said, "The company is having another excellent year in 2011, meeting also the challenges of the reimbursement reform in the United States, growing our business substantially in all regions and managing the integration of a number of significant acquisitions."
In Frankfurt's Xetra, the shares closed on Monday at 51.19 euros, up 0.27 percent, on 364,500 shares.
FMS closed on the NYSE at $66.05, up $0.05, on a volume of 74,432 shares.
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