BAD HOMBURG VOR DER HOEHE (dpa-AFX) - Fresenius Medical Care AG & Co. KGaA (FMS), a German- American healthcare company, on Wednesday reported a decline in earnings for the fourth-quarter. The results reflected an increase in the proportionate share of non-tax-deductible expenses compared to taxable income as well as tax law changes.
However, the firm reported a rise in revenue.
For the final-quarter, the Bad Homburg-headquartered company reported a net profit of 139 million euros or 0.47 euro per basic share, compared with 229 million euros or 0.78 euro per basic share of previous year quarter.
Excluding special items, income stood at 253 million euros or 0.86 euro per basic share as against 263 million euros or 0.90 euro per basic share of last year.
Operating income dipped to 352 million euros from previous year's 449 million euros.
The company generated revenue of 4.997 billion euros, higher than 4.647 billion euros of last year quarter.
Helen Giza, CEO of Fresenius Medical Care, said: '.While we expect more headwinds than tailwinds, and no governmental support for 2023, our transformation efforts and sharpened focus will enable us to accelerate the execution of our strategic initiatives and to return to earnings growth in 2024.'
For 2023, the healthcare provider expects revenue to grow at a low to mid-single digit percentage rate.
The company expects its operating income to remain flat or decline by up to a high-single digit percentage rate in 2023.
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