DUSSELDORF, Germany, October 15 /PRNewswire-FirstCall/ --
- Sales in the Third Quarter up by 7.2% to EUR268.0m
- Adjusted Group Results More Than Doubled in the Third Quarter of 2008 From EUR7.4m to EUR16.5m
- Sales Process Started for Technical Plastics Business
- CEO Dr. Axel Herberg Confirms the Outlook for 2008
Gerresheimer AG again achieved a substantial increase in sales and operating results in the third quarter of 2008. Overall, sales by the globally operating manufacturer of special products for the pharma & life science industry totalled EUR268.0m (Q3 2007: EUR250.1m). This is equivalent to growth of 7.2%. On a like-for-like exchange-rate basis sales actually increased by 10.2%. Operating results (Adjusted EBITDA) improved by 14.1% to EUR50.3 m (prior year: EUR44.1m). The adjusted EBITDA margin increased to 18.8% from 17.6%. In the third quarter the sale process for the Technical Plastics business was commenced. This led to non-scheduled depreciation of EUR33.0m, resulting in a negative consolidated result of EUR22.8m for the third quarter. Gerresheimer takes this charge in anticipation of the possible book loss on the sale. The depreciation has no effect on cash flow or operating results. The adjusted net income, which reflects the company's operating profitability, more than doubled in comparison with the prior-year quarter to EUR16.5m (Q3 2007: EUR7.4m). The same applies for adjusted earnings per share, which were substantially higher in the third quarter of 2008 at EUR0.52 (Q3 2007: EUR0.22).
"By focussing on the markets of pharma & life science we have again realised above-average growth this quarter. Gerresheimer is bucking the current negative trend in the global economy and shows that we are a strong company which continues to grow profitably even in difficult times," says Dr. Axel Herberg, Chief Executive Officer of Gerresheimer AG.
The positive result for the third quarter of 2008 is also re
|SOURCE Gerresheimer AG|
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