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Ireland Fresenius confirms forecast after robust 3rd quarter - Fresenius share still lower

14:05  29 october  2020
14:05  29 october  2020 Source:   finanzen.net

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Overview shares . Share price. Fresenius Medical Care presents new strategy and announces new medium-term targets through 2025 at Capital Markets Day. 09/24/2020. The Power of Ideas and the people behind them: Fresenius Medical Care publishes 2020 Global Annual Medical Report.

Shares in both Fresenius and Fresenius Medical Care were up about 4% in early trade on Tuesday. FMC's third - quarter sales totalled 4.4 billion euros, a touch above analysts' average forecast of 4.3 billion euros in a company-compiled consensus. Fresenius Medical Care confirmed its 2019 guidance of adjusted revenue growth between 3% and 7% at constant exchange rates, and adjusted net income change to be in the range of between 2% higher and 2% lower than last year.

The health care group Fresenius has confirmed its annual forecast after a robust third quarter of 2020.

DANIEL ROLAND/AFP/Getty Images © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images

Accordingly, the Bad Homburg DAX group expects net profit adjusted for currency and special factors to remain in a range of minus 4 percent to plus 1 percent compared to the previous year of 1.88 billion euros. After adjusting for currency and special factors, sales in 2020, including Corona, are expected to continue to grow by 3 to 6 percent compared to the 35.41 billion euros in the previous year.

From July to September sales increased marginally by 1 percent to 8.9 billion euros. Adjusted for currency effects, growth was 5 percent. Analysts had put Fresenius on average of their forecasts revenues of 8.876 billion euros. Adjusted EBIT was EUR 1.133 billion, compared to EUR 1.153 billion a year ago. This corresponds to a decrease of 3 percent or a currency-adjusted increase of 1 percent. Analysts had expected an average of 1.101 billion euros.

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With the acquisition, Fresenius Medical Care has clearly strengthened its core business in one of the fastest growing economies of the world. Sandor Nephro Services is expected to generate revenue of around million in full year 2016. Fresenius Medical Care expects the investment to be accretive in 2017 on earnings after tax. Based on the positive business development in the first nine months 2016, Fresenius Medical Care confirms its full year outlook 2016. The company expects a currency-adjusted revenue growth between +7% and +10% for 2016.

German dialysis specialist Fresenius Medical Care reported on Tuesday a 3% rise in its second- quarter revenue, citing healthy growth in its U.S. dialysis business. The company confirmed its full-year guidance and still expects sales to rise by 3% to 7%, and adjusted net income change to be in the range of -2% to 2%. after second- quarter revenue came in broadly in line with analysts' expectations in a Refinitiv poll.

Adjusted profit after taxes and third parties decreased by 4 percent (currency-adjusted plus 1 percent) to 427 million euros. Here the analyst consensus was 418 million euros.

This is how the Fresenius share reacts

Following a clear initial price increase via XETRA, Fresenius stocks turned into the red and were most recently listed 1.05 percent lower at EUR 32.02.

The hospital and medical group Fresenius increased sales by 1 percent in the third quarter. Adjusted for currency effects, sales grew by 5 percent. Adjusted net profit was 4 percent below the previous year, but analysts had feared a stronger decline. Fresenius boss Stephan Sturm assumes that the Corona crisis will also have a negative impact on the final quarter, but confirmed the annual targets.

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Fresenius Medical's (FMS) third - quarter earnings benefit from stable segmental performance. Welcome, and thank you for joining the Fresenius Medical Care earnings call on the third quarter 2020 results. Rice will give you some more color around the business development and go through some of the major topics of the quarter .

Summing Up Fresenius Medical reported strong results in the third quarter . The company continues to gain from Health Care Products and Services units, which witnessed revenue growth in the quarter under review. Revenues in the North American, EMEA and Asia-Pacific regions also improved. Cisco Systems Inc. shares declined in the extended session Tuesday after the maker of network services, videoconferencing tools and security software’s quarterly results topped Wall Street estimates, but sales in certain segments came in below expectations.

analyst Sven Kürten from DZ Bank spoke of very strong results above expectations with a view to FMC and at the same time attested Fresenius had a good quarter. The confirmed outlook is positive, even if it is not yet clear to what extent the latest lockdown measures are already included.

Jefferies analyst James Vane-Tempest spoke of mixed numbers at Fresenius. The recovery in the Helios hospital business offset the Kabi and Vamed segments.

analyst David Adlington of the US bank JPMorgan noted that Fresenius' net profit is a good 2 percent above the consensus forecast. The pessimists on the market are likely to focus primarily on the poor performance of the food division Kabi.

Investors' concerns, particularly about the Kabi business, were already reflected in the most recent Fresenius share price development. From the Corona low in mid-March at a little more than 24 euros, the shares had almost doubled in value by the end of June, but only one month later the share began to plummet, which continues to this day. In the past three weeks, the rate of the setback has accelerated. The day before, the shares slipped to the lowest price level in seven months. The previous annual balance is minus 36 percent. This means that the Fresenius share does significantly worse than the industry and the DAX on the stock exchange.

DJG / brb / kla FRANKFURT (Dow Jones) / FRANKFURT (dpa-AFX)

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