October 16, 2018 / 9:43 PM / a month ago

Fresenius Medical cuts 2018 targets after results disappoint

BERLIN, Oct 16 (Reuters) - German dialysis specialist Fresenius Medical Care cut its 2018 sales and net income target on Tuesday after its U.S business did not perform as well as expected in the third quarter.

The company said it now expects sales to rise by 2-3 percent from a previous forecast for 5-7 percent, while net income should rise by 11-12 percent, down from a previous 13-15 percent.

It said preliminary third-quarter figures showed that sales fell around 6 percent to 4.06 billion euros ($4.70 billion), while adjusted net income was down 2 percent to 310 million euros.

“While we were able to improve profitability in North America, the growth acceleration in the region did not materialize as fast as anticipated,” CEO Rice Powell said in a statement. ($1 = 0.8643 euros) (Reporting by Emma Thomasson; editing by Grant McCool)

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