GEA (dpa-AFX) - Germany-based GEA Group, suppliers of systems and components to the food, beverage, and pharmaceutical industries on Thursday reported jump in profits and revenues in the second quarter of 2023. Both the performance metrics however missed analyst expectations.
Profit for the period stood at 97.8 million euros or 0.57 euro per share as compared with 76.7 million euros or 0.43 euro per share in the second quarter of 2022.
Adjusted earnings stood at 0.62 euro per share as compared with 0.53 euro per share in the year-ago quarter.
2 analysts polled by Thomson Reuters were expecting the company to report earnings of 0.64 euro per share. Analysts typically exclude one-time items.
Revenue increased 5.6 percent to 1.34 billion euros, from 1.27 billion euros in the second quarter of 2022. On an organic basis, the growth was 9.4 percent.
6 analysts polled by Thomson Reuters were expecting the company to report revenues of 1.36 billion euros in the current quarter.
The company's order intake in the second quarter of 2023 was down by 1.6 percent to 1.38 billion euros, from the prior-year level of 1.4 billion euros. Organically, a growth of 2.4 percent was recorded.
The company also confirmed the forecast for fiscal year 2023, which was raised in May. The company expects revenue to grow on an organic basis by more than 8.0 percent. EBITDA before restructuring expenses at constant exchange rates is anticipated to be at the upper end of a range between EUR 730 million and 790 million.
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