BAD HOMBURG VOR DER HOEHE (dpa-AFX) - Amended: Corrects 5th para to replace H1 with Q2
Dialysis services provider Fresenius Medical Care AG & Co. KGAA (FMS) Thursday reported a drop in second-quarter net earnings, as higher tax expense overshadowed revenue growth. While earnings fell short of analysts' estimates, revenues topped them.
For the three months to June, net earnings, attributable to shareholders, declined by 11 percent to $234 million from $263 million a year earlier. Basic earnings per American depository share decreased to $0.39 from $0.43 a year ago.
On average, four analysts polled by Thomson-Reuters estimated the company's earnings to be $0.41 for the quarter. Analysts' estimates typically exclude one-time items.
EBITDA stood at $725 million, compared with $703 million in the corresponding period last year.
Second-quarter net revenue grew by 6 percent to $3.83 billion, from $3.61 billion last year, above the $3.75 billion Wall Street expected. Revenue grew by 7 percent in constant currency and by 5 percent organically.
Dialysis revenues increased by 7 percent (8 percent at constant currency) to $2.95 billion.
The company expects annual earnings of $1 billion to $1.05 billion on revenue of around $15.2 billion. The company plans to make around $900 million in capital expenditures.
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