02.11.2011 – 08:11
Fresenius achieves record Q3 earnings - improves 2011 earnings outlook
Bad Homburg (ots)
Q1-3 2011: - Sales EUR 12.1 billion, +2% at actual rates, +5% in constant currency - EBIT EUR 1,862 million, +5% at actual rates, +9% in constant currency - Net income EUR 565 million, +14% at actual rates, +17% in constant currency - Fresenius improves 2011 earnings1 outlook of 15% to 18% constant currency growth to upper half of range - Group earnings at single-quarter all-time high - EUR 202 million net income(1), record 16% EBIT margin - Fresenius Medical Care with further margin improvement and strong earnings growth - Fresenius Kabi with 3% organic sales growth over outstanding Q3 2010 - Fresenius Helios continues expansion in the German hospital market - raises earnings guidance - Fresenius Vamed with excellent order intake of EUR 171 million in Q3
Ulf Mark Schneider, CEO of Fresenius, commented: "Fresenius had a very strong third quarter. With a Group EBIT margin of 16% and net income of ?202 million we reached new all-time highs. We improve our 2011 earnings outlook and expect to achieve the upper half of our 15% to 18% target range. HELIOS? acquisitions of the private hospital chain Damp and the maximum care hospital in Duisburg significantly strengthen our presence in the German hospital market. This marks a further step in our growth strategy, which combines organic growth and acquisitions."
Group outlook 2011
Fresenius improves its 2011 earnings guidance and expects to achieve constant currency net income growth in the upper half of the 15% to 18% range. Based on the sales growth of the first three quarters, Fresenius now expects to increase sales by c. 6% in constant currency.
The Group plans to invest approximately 5% of sales in property, plant and equipment.
In 2011, the net debt/EBITDA ratio is expected to stay in the range of 2.5 to 3.0. For calendar year 2012, Fresenius Medical Care's and Fresenius Helios' recently announced entirely debt and cash flow-financed acquisitions are not expected to cause Group leverage to exceed that target range.
(1) Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are non-cash items.
Original content of: Fresenius SE & Co. KGaA, transmitted by news aktuell