Merck KGaA (MRK.XE) said on Thursday that its third-quarter net profit was up 41% compared to the same period a year earlier.
The German chemicals and pharmaceuticals company reported a third-quarter net profit of 645 million euros ($747.86 million), compared with EUR457 for the same period the prior year. Earnings before interest, taxes, depreciation and amortization before one-time items, a key figure for the company, were EUR1.08 billion, down 8.3% from the same period last year. Sales for the quarter were up 0.1%, at EUR3.73 billion.
Continue Reading Below
According to FactSet's consensus forecast, the company was expected to post sales of around EUR3.73 billion. The consensus for adjusted Ebitda was EUR1.06 billion.
The company attributed the drop in Ebitda pre-exceptionals to higher spending on research and development, preparations for product launches and the performance of liquid crystals.
"We generated healthy organic growth in Healthcare and Life Science. In Performance Materials, our diversified portfolio comprising four strong pillars is helping us cope with the challenges in Liquid Crystals," said Chief Executive Stefan Oschmann.
The company confirmed its outlook for sales and Ebitda pre-exceptionals, but indicated that due to a generally more difficult exchange-rate environment sales were likely to be at the lower end of the EUR15.3 billion to EUR15.7 billion targeted range and that Ebitda pre-exceptionals were also likely to be at the lower end of the projected range of EUR4.4 billion to EUR4.6 billion.
Write to Sonia Amaral Rohter at firstname.lastname@example.org
(END) Dow Jones Newswires
November 09, 2017 01:50 ET (06:50 GMT)