German Sartorius lifts 2012 EBITA improvement forecast to 18%

Oct 29, 2012 - German laboratory and filtering equipment supplier Sartorius (ETR:SRT) today announced an upgrade in its 2012 guidance for year-on-year growth of its earnings before interest, tax and amortisation (EBITA) to 18% from previously 15%, assuming that exchange rates remain favourable.

The company reiterated its forecast for revenue improvement of 11% at constant currencies in comparison with 2011.

In the first nine months of 2012 Sartorius achieved a net profit increase of 22.1% to EUR 46.8 million.

EBITA improved by 22.5% to EUR 90.3 million (USD 116.7m), including one-off costs of EUR 9.7 million. One-offs stood at EUR 7.7 million in the prior-year period. The registered one-time expenses are related mainly to the integration of liquid handling business of Finnish medical devices maker Biohit Oyj (HEL:BIOBV) into the Bioprocess Solutions division and the production relocation of single-use bags to Puerto Rico from California. The company’s EBITA margin rose to 14.1% from 13.6%.

Sartorius saw its revenue grow by 18.1%, or by 13.8% at constant currencies, to EUR 639.4 million, to which all divisions contributed. Regionally, at constant currencies, North America generated growth of 25.3%, Asia -- of 11.7% and Europe -- of 10.2%.

Order intake recorded an upturn of 15.8% to EUR 636.6 million. Demand for single-use products for pharmaceutical drug manufacture, such as speciality filters, aseptic bags and tanks, was particularly good.

(EUR 1.0 = USD 1.292)

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