GEA Group Q3 Profit Down

(RTTNews) - Germany-based GEA Group [GEAGF.PK, GEAGY.PK], suppliers of systems and components to the food, beverage, and pharmaceutical industries, on Wednesday reported that its profit for the third quarter grew nearly 13 percent to 120.8 million euros, and earnings per share rose to 0.70 euro from 0.61 euro.

Excluding restructuring expenses, the Group said, EBITDA rose 4.2 percent to 207.0 million euros and the corresponding margin improved by 0.6 percentage points to 15.3 percent. On the same basis, earnings per share increased to 0.72 euro from 0.66 euro. The Group attributed this growth to the higher share of the service business.

For the third quarter, revenue slid by 0.2 percent to 1.351 billion euros, while organic revenue grew 6.9 percent with contribution from all divisions, except Food & Healthcare Technologies. Order intake in the third quarter was down by 9.1 percent to 1.25 billion euros, primarily due to currency effects. Organic order intake declined by 1.7 percent.

Looking ahead to the fiscal year 2023, the Group confirmed its forecast, still expecting revenue to grow on an organic basis by more than 8.0 percent. EBITDA before restructuring expenses, at constant exchange rates, is anticipated to be at the upper end of 730 million euros - 790 million euros range.