Fresenius beats Q2 view on strong unit performance, cost savings [Yahoo! Finance]
FRESENIUS SE S/ADR (FSNUY)
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Source: Yahoo! Finance
It reported earnings before interests and taxes (EBIT) of 660 million euros ($714 million), up 16% from a year ago. Analysts were expecting an EBIT of 636 million euros, according to a consensus of forecasts from Vara Research. "Cash came in extremely strong, materially improving our financial profile. We are well ahead of our plans to de-leverage and to take out costs," CEO Michael Sen said in a statement. Fresenius reported a quarterly net loss of 373 million euros, compared to a profit of 80 million euros a year ago, due to effects related to the discontinued operations at its loss-making service unit Vamed. In May, the company said it had completed its restructuring with a "structured exit" from Vamed. Fresenius confirmed its full-year EBIT guidance of a 6-10% growth, and said it is now confident of reaching the upper half of this range. ($1 = 0.9239 euros) (Reporting by Bartosz Dabrowski in Gdansk; Editing by Varun H K and Janane Venkatraman)
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