Gerresheimer Q1 Profit Edges Down, Adj. EBITDA Up; Backs FY24 View, Sees Growth Ahead

(RTTNews) - Gerresheimer AG (GRRMF.PK), a German maker of packaging products for medication and drug delivery devices, reported Thursday that its first-quarter net income edged down to 13.43 million euros from last year's 13.47 million euros.

Earnings per share remained same as last year's 0.38 euro.

Adjusted net income was 23.0 million euros or 0.65 euro per share, compared to last year's 23.7 million euros or 0.71 euro per share.

Adjusted EBITDA grew 3.7 percent from the prior year to 80.9 million euros, and adjusted EBITDA margin improved to 17.4 percent from 17 percent a year ago.

Revenues increased 1.8 percent to 466.1 million euros from last year's 457.8 million euros.

Organically, revenues grew 2.8 percent and adjusted EBITDA increased 5.9 percent. The positive development was fueled primarily by the performance of the Plastics & Devices Division.

Dietmar Siemssen, CEO of Gerresheimer, said, "We will ramp-up new lines for long-term orders in the next months as planned. This will have a positive impact on our growth momentum. We are fully on track and are therefore confirming our full-year guidance."

In 2024, Gerresheimer continues to expect to generate organic revenue growth of between 5 and 10 percent, as well as adjusted EBITDA of between 430 million euros and 450 million euros. Adjusted earnings per share growth would be 8 percent to 12 percent organically.

With its high order backlog, Gerresheimer expects to continue its profitable growth both in 2024 and in subsequent years.

For fiscal 2025, the company projects organic growth in adjusted earnings per share greater than or equal to 10 percent, adjusted EBITDA margin greater than or equal to 22 percent, and revenues of 10 percent to 15 percent.

Further, for mid-term, the company projects organic growth in adjusted earnings per share greater than or equal to 10 percent, adjusted EBITDA margin between 23 percent and 25 percent, and revenues greater than or equal to 10 percent.

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