Gerresheimer in Q3 2017: slight improvement in adjusted EBITDA margin

  Company financial news

Revenues down from EUR 350.4m in Q3 2016 to EUR 331.5m in Q3 2017; organic decrease of 4.3%. Adjusted EBITDA margin slightly improved to 23.4% (Q3 2016: 23.2%); EBITDA leverage, at 2.6, back at same level as of November 30, 2016 and thus significantly better than expected; Successful launch of EUR 250.0m promissory loan; Outlook: Company expects good Q4 2017. Nonetheless there are signs of revenue risks of the order of EUR 30m relative to the last guidance of EUR 1.4bn for the financial year 2017, with negative impacts on adjusted EBITDA and adjusted earnings per share.

Financialgraphs
After a moderate nine months, Gerresheimer AG expects a recovery in revenues in the fourth quarter
After a moderate nine months, Gerresheimer AG expects a recovery in revenues in the fourth quarter. Despite the fall in revenues in the third quarter 2017, the strict cost management enabled the company to slightly improve the adjusted EBITDA margin to 23.4%.
In the third quarter of the financial year 2017 (1 June 2017 to 31 August 2017), Gerresheimer generated revenues of EUR 331.5m, 5.4% less than the EUR 350.4m recorded in the prior-year quarter. On an organic basis - meaning at constant exchange rates and adjusted for acquisitions and divestments - revenues decreased by 4.3%. The third quarter saw a continuation of the lower demand for medical plastic systems from a number of pharma customers where Gerresheimer is the sole supplier. This effect was compounded by a decline in demand in the inhalation business, which is expected to be only partly offset in the fourth quarter of 2017 by a new inhaler project in Peachtree City, US. As expected, revenues in the engineering and tooling business were lower in the third quarter of 2017 than in the prior-year quarter. Temporary intra-year fluctuations are normal and depend on the billing of large-scale customer projects. Here the Company expects a substantial increase in the fourth quarter of 2017. Sales of plastic packaging for solid and liquid drugs were slightly higher in the third quarter than in the prior-year quarter. Third-quarter revenues with glass primary packaging were down on the prior-year period, mainly due to lower...
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