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UPDATE 1-Gerresheimer Q3 profit beats consensus on strong inhaler sales
October 6, 2016 / 9:06 AM / a year ago

UPDATE 1-Gerresheimer Q3 profit beats consensus on strong inhaler sales

(Adds CEO comments from conference call)

FRANKFURT, Oct 6 (Reuters) - German drugs packaging firm Gerresheimer reports a bigger-than-expected rise in third-quarter core profit as strong sales of asthma inhalers help bolster earnings at its Plastic & Devices division.

** Q3 adj EBITDA up 24 percent to 84.4 million euros ($94.5 million), above analysts’ average forecast of 81 million euros in a Reuters poll

** Looking at bolt-on acquisition opportunities in Southeast Asia and South America to expand footprint in emerging markets, could also look at buying into new technologies, CEO Uwe Roehrhoff says

** “If you look at our cash flow, we could fund such an acquisition in an emerging market without major problems,” Roehrhoff tells journalists during a conference call

** Gerresheimer says if it wanted to splash out on pricier acquisitions it could temporarily lift the ratio of its net financial debt to adj EBITDA to 3.5 from 2.8 now

** Gerresheimer adjusts full-year forecasts to reflect the sale of its laboratory glassware business, announced in September. Now sees 2016 revenue of around 1.4 billion euros, core profit of 305 million euros

** A full-year dividend of around 1 euro per share is possible, up from 0.85 euros last year, Roehrhoff says

** He says there are no plans for a special dividend following the sale of Gerresheimer’s stake in a laboratory glassware business, which is to be completed by the end of November

$1 = 0.8930 euros Reporting by Maria Sheahan; Editing by Sunil Nair and Mark Potter

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