NEUTRAUBLING (dpa-AFX) - Beverage filling and packaging company Krones AG (KRNTY.PK, KRNNF.PK) reported first-quarter net income of 38.7 million euros, down 11.4 percent from 43.7 million euros last year. Earnings per share decreased 12.1 percent to 1.23 euros from 1.40 euros a year ago.
EBITDA for the quarter decreased 9.5 percent to 78.9 million euros from 87.2 million euros a year ago.
Earnings before taxes or EBT declined 14.8 percent to 56.2 million from 66.0 million euros in the previous year, partly due to a one-time effect within personnel expenses.
Quarterly revenues decreased 0.9 percent to 891.7 million euros from 899.4 million euros last year, which had been quite high due to timing.
Looking ahead, Krones said it is keeping its revenue and earnings forecast for 2018 as well as for the medium term unchanged.
Based on the current macroeconomic prospects and expected development of the markets relevant to Krones, the company is targeting consolidated revenue growth of 6 percent in 2018.
Krones also said it intends to keep fiscal 2018 profitability stable despite heavy investment in digitalisation and start-up costs associated with its global footprint, particularly the new site in Hungary. The company expects to post an EBT margin of 7.0 percent in 2018 and working capital to revenue to improve to 26 percent.
Copyright RTT News/dpa-AFX