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Merck KGaA posts Q3 sales and core profit beat

Stock Markets Nov 10, 2022 10:18AM ET
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By Scott Kanowsky 

Investing.com -- Shares in Merck KGaA (ETR:MRCG) rose in late afternoon trading on Thursday, erasing earlier losses, after the German science and technology company reported better-than-expected core income and net sales in the third quarter.

Earnings before interest, tax, depreciation, and amortization rose by 16.7% to €1.8 billion (€1 = $1.0158) during the period, above analysts' estimates of €1.78B.

Net sales also topped expectations, jumping by 16.8% to €5.8B.

The Darmstadt-based firm said the results were driven by "strong" performance at its so-called "Big 3" divisions - life science services, new healthcare products, and semiconductor solutions - offsetting an uptick in the costs of raw materials, energy, and logistics.

"Despite the ongoing turbulence in our external operating environment, we've demonstrated our resilience and delivered strong organic growth in sales and EBITDA pre in the third quarter of 2022," said chief executive officer Belén Garijo in a statement.

But Merck KGaA marginally narrowed its fiscal 2022 guidance, predicting net sales of about €22B to €22.9B and core profit of around €6.8B to €7.2B. Its prior outlook called for EBITDA of €6.75B to €7.25B on revenues of €21.9B to €23.0B.

The diversified company's electronics unit was also seen reporting a fall in earnings of as much as a currency-adjusted 10%, as customer demand for liquid crystals used in displays showed signs of slowing.

Merck KGaA posts Q3 sales and core profit beat
 

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