Gerresheimer Q2 growth


Gerresheimer AG has generated increased revenues in the second quarter of the financial year (FY) for 2013 by 4.2% to €327.1m (FY from 1st December to 30th November).

The Moulded Glass Division generated healthy growth rates, notably with the sale of cosmetic glass packaging.

Gerresheimer recorded adjusted EBITDA of €59.8m in Q2 of 2013, an increase of 0.5% on the previous year’s quarter. The adjusted EBITDA margin was 18.3%, below the 19.0% margin in the comparative period.

The main causes of the decreased margin comprised the anticipated high cost of improving the production of prefillable syringes at a German plant and quality problems in the manufacture of glass ampoules identified at a Mexican plant during the second quarter.

 Adjusted net income for Q2 came to €21.5m, 0.9% more than in the previous year’s quarter (€21.3m). Adjusted earnings per share were exactly on a par with the prior year quarter, at €0.63. Gerresheimer’s capital expenditure in the second quarter of 2013 was €33.4m, €2m more than a year earlier.

The company expects revenue growth of 5% to 6% at constant exchange rates for the remainder of this FY. For adjusted EBITDA, the company has made its guidance more specific with a range of between €245m and €250m, approximately 19.0% to 19.4%.

23.07.2013, Gerresheimer AG

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