German health-care group Fresenius SE & Co. (FRE.XE) reported double-digit-percent gains in earnings and sales for the first quarter.
The company said Wednesday sound business development at its units allowed for higher full-year profit guidance when excluding recent acquisitions.
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Quarterly net profit rose 28% to 457 million euros ($499 million) from EUR358 million on sales of EUR8.36 billion, which were up 19%. Earnings before interest and taxes increased 27% to EUR1.22 billion.
Profit, sales and EBIT beat analyst forecasts in a FactSet survey.
In the January-March period, Fresenius benefited from the first-time consolidation of Quironsalud, a Spanish hospital operator that it bought for EUR5.76 billion last year and that is expected to provide a substantial boost to revenue and profit.
The company's Fresenius Medical Care dialysis business, which switched to reporting in euros in the first quarter, also made significant profit and revenue contributions. The unit's quarterly net profit rose 45% to EUR308 million. Revenue increased 16% to EUR4.55 billion.
Last week, Fresenius made headlines with plans for two major acquisitions, valued at more than $5 billion, aimed at buoying the generic-drug business at the Fresenius Kabi unit, which specializes in infusion therapy and clinical nutrition.
Excluding the acquisitions, Fresenius said Wednesday it expects net profit to rise by 19% to 21% in 2017 after currency adjustments, up from previous guidance of an increase of 17% to 20%. It confirmed its sales guidance for this year.
Write to Ulrike Dauer at firstname.lastname@example.org
(END) Dow Jones Newswires
May 03, 2017 02:03 ET (06:03 GMT)