Sartorius Q1 Underlying Profit Declines, Sales Down 7.6% In Constant Currencies; Confirms Outlook

(RTTNews) - Sartorius (SARTF) reported that its underlying EBITDA decreased by 13.8 percent to 234 million euros in the first three months due to lower sales revenue. The resulting margin was 28.6 percent compared to 30.1 percent in the prior-year period. The relevant net profit was 70 million euros compared to 116 million euros, a year ago. Underlying earnings per ordinary share was 1.01 euros compared to 1.69 euros.

Sales revenue was 820 million euros in the first quarter, a decline of 7.6 percent in constant currencies or down 9.3 percent reported from last year. This included a growth contribution from acquisitions of around 2 percentage points. In the first three months of 2024, the Group recorded an increase in order intake of 9.8 percent in constant currencies or 8.0 percent reported to 826 million euros.

Management confirmed expectations for the current fiscal year and continues to expect a moderate first half of 2024 and increasing business momentum in the course of the year. It expects an increase in Group sales revenue in the mid to high single-digit percentage range with a contribution of around 1.5 percentage points from acquisitions. The underlying EBITDA margin is projected to rise to slightly more than 30 percent.

Sartorius CEO Joachim Kreuzburg. "We are content with the development of profitability. The EBITDA margin continues to be at a robust level, and we anticipate further effects from our efficiency programs in the coming months."

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