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Gerresheimer reports solid second quarter 2013 results

Second-quarter revenues up 4.2%; adjusted EBITDA slightly above prior-year quarter (up 0.5%); adjusted net income up 0.9%; adjusted earnings per share on a par with prior-year quarter; guidance for financial year 2013 made more specific.

Gerresheimer AG, one of the leading partners to the pharma and healthcare industry worldwide, generated solid figures in the second quarter of the 2013 financial year. “Our strategy is geared to sustained, profitable growth. We continue to be successful in implementing that strategy. In the second quarter, we saw notable growth particularly in our medical systems for drug delivery and in pharmaceutical plastic packaging. Our latest acquisitions in India are also developing very well,” said Uwe Röhrhoff, CEO of Gerresheimer AG.
Gerresheimer increased revenues in the second quarter of financial year 2013 (financial year from 1 December to 30 November) by 4.2% to EUR 327.1 million. The revenue growth mainly reflects strong business in the Plastic Systems Division with pharmaceutical primary packaging, insulin pens and inhalers. Triveni, an Indian company specializing in pharmaceutical plastic packaging acquired in December 2012, likewise contributed to the increase in revenues. The Moulded Glass Division generated healthy growth rates notably with the sale of cosmetic glass packaging.
Gerresheimer recorded adjusted EBITDA of EUR 59.8 million in the second quarter of 2013, an increase of 0.5% on the prior-year 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 the second quarter came to EUR 21.5 million, 0.9% more than in the prior-year quarter (EUR 21.3 million). Adjusted earnings per share were exactly on a par with the prior-year quarter, at EUR 0.63. Gerresheimer’s capital expenditure in the second quarter of 2013 was EUR 33.4 million, EUR 2.0 million more than a year earlier.
For financial year 2013, Gerresheimer continues to expect revenue growth of 5% to 6% at constant exchange rates. For adjusted EBITDA, the company has made its guidance more specific with a range of between EUR 245 million and EUR 250 million. Attainment of the revenue growth guidance of 5% to 6% would correspond to a potential adjusted EBITDA margin range of approximately 19.0% to 19.4%. Largely due to the healthy growth prospects in the Plastic Systems Division, capital expenditure in financial year 2013 will represent some 9% to 10% of exchange rate adjusted revenues.
Gerresheimer is a leading international manufacturer of high-quality speciality products made of glass and plastic for the global pharma and healthcare industry, with
11,000 employees at 47 locations in Europe, North and South America and Asia, generating revenues of around EUR 1.2 billion.

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