Sartorius (FWB:SRT), a leading international laboratory and
pharmaceutical equipment provider, started off fiscal 2012 with
substantial gains in order intake, sales revenue and earnings.
Based on the company's excellent quarterly performance, management
confirmed its full-year guidance: “In all divisions and regions, we
are well on track. It is also encouraging that we have made such
good headway in implementing our investment projects and growth
initiatives. We are accordingly confident in looking ahead to the
remainder of the year," commented CEO Dr. Joachim Kreuzburg.
Dynamic Growth of Sales Revenue and Order IntakeIn the
first three months of 2012, Sartorius boosted its sales revenue
from the year-earlier quarter by 20.9%, or 18.6% in constant
currencies, to 208.1 million euros. The Biohit liquid handling
business acquired at the end of 2011 contributed approximately 6
percentage points to this gain. In the same period, order intake
rose 13.7%, or 11.4% in constant currencies, to 220.0 million
euros.
All three Group divisions fueled this dynamic business
performance. The Bioprocess Solutions Division thus significantly
increased its sales revenue by 22.6%, or 20.2% in constant
currencies, to 115.4 million euros; its order intake climbed 11.9%,
or 9.6% in constant currencies, to 123.3 million euros. Demand was
strong, especially for single-use products for the manufacture of
biopharmaceuticals, such as specialty filters and aseptic bags. The
Lab Products & Services Division pushed its first-quarter sales
up 20.1%, or 17.4% in constant currencies, to 66.5 million euros,
seeing an uptick in order intake of 23.1%, or 20.2% in constant
currencies, to 70.9 million euros. Initial consolidation of the
Biohit liquid handling business that Sartorius had acquired at the
end of 2011 contributed some 19 percentage points to the division’s
growth, as expected. Sales revenue for the Industrial Weighing
Division improved, also when seen against the backdrop of a
moderate year-earlier revenue base, by 16.2%, or 14.6% in constant
currencies, to 26.2 million euros, while its order intake at 25.8
million euros was nearly at the previous year’s level
(currency-adjusted: -0.9%).
This strong business performance was also widely bolstered by
the company’s regional segments. In the first quarter, Sartorius
grew at double-digit rates in all regions. North America reported
the highest growth, where sales were up 25.9%, followed by
Asia|Pacific, with sales up 19.1%, and Europe, up 15.5% (all
regional figures in constant currencies).
Significant Gains in Earnings
In line with its solid sales performance, Sartorius further
boosted its earnings in the first three months of the current
fiscal year above the figures reported for the year-earlier
quarter. The Group's operating earnings1) surged by over a third
(+33.2%) from 22.8 million euros to 30.4 million euros; the
respective margin for the Group climbed from 13.3% to 14.6%. As
part of this result, the Bioprocess Solutions Division
substantially boosted its operating earnings 31.3% to 20.2 million
euros; its respective margin rose from 16.4% to 17.5%. The Lab
Products & Services Division increased its operating earnings
from 6.8 million euros a year ago to 8.2 million euros, with its
margin remaining unchanged at 12.3%. Following a weak comparative
quarter a year earlier (0.6 million euros), the Industrial Weighing
Division achieved operating earnings of 2.0 million euros; its
respective margin jumped sharply from 2.5% to 7.6%.
Including extraordinary items of -3.2 million euros (Q1 2011:
+0.3 million euros), Group EBITA soared year on year by 17.3% from
23.1 million euros to 27.2 million euros. These expenses
essentially were related to integration of the Biohit liquid
handling business, preparations for the transfer of single-use bag
manufacture from the USA to Puerto Rico and to various
cross-divisional projects. The corresponding EBITA margin was 13.0%
(Q1 2011: 13.4%). The Group’s relevant net profit2) soared 34.2%
from 10.6 million euros a year ago to 14.2 million euros. The
respective earnings per share amounted to 0.83 euros, up from 0.62
euros a year earlier.
Positive Outlook for 2012Based on the company’s
first-quarter performance, management confirms its guidance for
sales and earnings growth for the current fiscal year. The company
thus anticipates that full-year sales will grow by about 10% in
constant currencies. Around five percentage points of this gain are
forecast to be generated by the initial consolidation of the Biohit
liquid handling business. In addition, management continues to
project that operating EBITA will likewise increase by around
10%.
In view of the three divisions, management expects that sales
revenue and operating EBITA for the Bioprocess Solutions Division
will grow 6% to 8% in constant currencies. For the Lab Products
& Services Division, sales revenue is forecasted to increase by
around 16% to 20% based on constant currencies, primarily due to
initial consolidation of the Biohit liquid handling business. This
division’s operating EBITA is projected to rise at roughly the
growth rates for sales. Currency-adjusted sales revenue and
operating EBITA for the Industrial Weighing Division are expected
to show stable development year over year.
Key Figures for the First Quarter of
2012http://www.sartorius.com/fileadmin/media/global/company/pr_20120424_q1_figures_sag.pdf
1) Sartorius uses earnings before interest, taxes and
amortization (EBITA) as the key profitability measure. To enable a
more meaningful comparison with the year-earlier figures, the
company reports earnings adjusted for extraordinary items (=
operating EBITA or operating earnings) in addition to EBITA.
2) Adjusted consolidated net profit after non-controlling
interest, excluding non-cash amortization and valuation of hedging
instruments
Current Image FilesDr. Joachim Kreuzburg, CEO and
Executive Board Chairman of Sartorius
AG:www.sartorius.com/fileadmin/media/global/company/pr_20120419_kreuzburg.jpg
Sartorius products used in the manufacture of
medications:www.sartorius.com/fileadmin/media/global/company/pr_20120419_bioprocess_solutions.jpg
Sartorius products used in laboratory
research:www.sartorius.com/fileadmin/media/global/company/pr_20120419_lab_products_services.jpg
Conference Call and WebcastDr. Joachim Kreuzburg, CEO and
Executive Board Chairman of Sartorius, will discuss the
first-quarter figures with analysts and investors on Tuesday, April
24, 2012, at 3:30 p.m. Central European Time (CET), in a webcast
teleconference. You may dial into the teleconference starting at
3:15 p.m. CET at the following numbers:
Germany: +49 (0)69 3807 89637France: +33 (0)1 70 48 01 63UK: +44
(0)20 7660 0009USA: +1 646 254 3373
The dial-in code is as follows: 1756439; to view the webcast,
log onto: www.sartorius.com
Upcoming Financial Dates
May 21-22, 2012 Cheuvreux Pan-Europe Forum in London, UKJuly 25,
2012 Publication of first-half figures (Jan. – June 2012)
This press release contains statements about the future
development of the Sartorius Group. The content of these statements
cannot be guaranteed as they are based on assumptions and estimates
that harbor certain risks and uncertainties. This is a translation
of the original German-language press release. Sartorius shall not
assume any liability for the correctness of this translation. The
original German press release is the legally binding version.
Furthermore, Sartorius reserves the right not to be responsible for
the topicality, correctness, completeness or quality of the
information provided. Liability claims regarding damage caused by
the use of any information provided, including any kind of
information which is incomplete or incorrect, will therefore be
rejected.
A Profile of SartoriusThe Sartorius Group is a leading
international laboratory and process technology provider covering
the segments of Bioprocess Solutions, Lab Products & Services
and Industrial Weighing. In 2011, the technology group earned sales
revenue of 733.1 million euros. Founded in 1870, the
Goettingen-based company currently employs more than 5,000 persons.
The major areas of activity of its Bioprocess Solutions segment
cover filtration, fluid management, fermentation, cell cultivation
and purification, and focus on production processes in the
biopharmaceutical industry. The Lab Products & Services segment
primarily manufactures laboratory instruments and consumables.
Industrial Weighing concentrates on weighing, monitoring and
control applications in the manufacturing processes of the food,
chemical and pharma sectors. Sartorius has its own production
facilities in Europe, Asia and America as well as sales
subsidiaries and local commercial agencies in more than 110
countries.
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