FX.co ★ Fresenius Q2 Adj. Profit Rises, Organic Revenue Growth At 8%; Confirms FY24 Outlook

Fresenius (FSNUF.PK, FSNPF.PK) reported a net loss of 373 million euros for the second quarter, in contrast to a profit of 80 million euros in the same period last year. This downturn was attributed to special items associated with the Vamed exit and the discontinued operations at Vamed. Consequently, the reported loss per share was 0.66 euros, compared to a profit of 0.15 euros per share previously.

Excluding special items, second-quarter EBITDA rose by 14% (or 14% in constant currency) to reach 938 million euros. The Group's EBIT, also before special items, saw a 16% increase (or 15% in constant currency), climbing to 660 million euros from the previous 571 million euros.

The net income to shareholders, before accounting for special items, grew by 16% (or 15% in constant currency) to 457 million euros, up from 393 million euros. Exclusive of Fresenius Medical Care, the Group's net income before special items increased by 15% (or 15% in constant currency) to 388 million euros from 336 million euros. Earnings per share before special items saw a 16% uplift (or 15% in constant currency), rising to 0.81 euros from 0.69 euros.

Group revenue for the second quarter, excluding special items, climbed 6% (or 8% in constant currency) to 5.41 billion euros. This growth was largely driven by robust performances from Kabi and Helios, leading to an organic growth rate of 8%.

Fresenius has reaffirmed its fiscal outlook for 2024, expressing confidence in achieving Group constant currency EBIT growth in the upper half of the 6% to 10% range. For 2024, the company anticipates organic revenue growth between 4% and 7%.