Fresenius Backs 2022 Views as 1Q Sales Rose; Names New Finance Chief

By Joshua Kirby

Fresenius SE said Wednesday that it is backing its growth targets for 2022 despite headwinds from the coronavirus pandemic and the Ukraine war, as sales rose in the first quarter and the company appointed a new finance chief.

The German healthcare company's sales rose 5% at constant currency in the quarter to 9.72 billion euros ($10.22 billion). Earnings before interest, taxes and special items slipped by 5% to EUR996 million, but net profit before special items rose slightly to EUR462 million, Fresenius said.

At Fresenius Medical Care AG & Co. KGaA, the company's separately-listed dialysis business, revenue rose 3% to EUR4.55 billion but operating income fell 30% to EUR348 million and net profit by 39% to EUR157 million. This was due to the war in Ukraine, which directly hit operating income by EUR22 million in the quarter, as well as by increased labor costs in the U.S. relating to higher Covid-19 mortality, Fresenius Medical Care said.

Fresenius and Fresenius Medical Care both backed their previous 2022 guidance. At group level, Fresenius still expects sales growth in the mid-single digits and net-profit growth in the low-single digits, it said.

Fresenius is meanwhile appointing Sara Hennicken as chief financial officer to succeed Rachel Empey, who is set to leave the company at her own request, the company said.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

May 04, 2022 01:39 ET (05:39 GMT)

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