Sartorius (TG:SRT)
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Today on Tuesday, Sartorius (FWB:SRT), a leading international process
and laboratory technology provider, announced its results of the first
nine months for the current fiscal year. From January through September,
the Group earned a sales revenue of 453.4 million euros. This
corresponds to a currency-adjusted gain of 2.8% (current exchange rates:
-1.2%). Order intake at a currency-adjusted 454.0 million euros is
slightly above last year’s level* (+0.9%;
current exchange rates: -3.0%). Despite this restrained growth overall
and the unfavorable currency effects, Sartorius’s
profitability continues to remain at a robust level. Nine-month
operating earnings, reported as EBITA (earnings before interest, taxes
and amortization), are at 40.6 million euros relative to 46.9 million
euros a year ago. The corresponding EBITA margin is 8.9%.
* To ensure the best possible comparability, the figures of the
year-earlier period are presented on a pro forma basis and adjusted for
extraordinary expenses and non-permanent effects (“underlying”).
Business Development of the Divisions
Sartorius Stedim Biotech
On the basis of constant currencies, sales revenue for Sartorius Stedim
Biotech edged up by 1.0%. In the reporting currency, the division’s
revenue at 273.3 million euros is 3.0% below the year-earlier figure of
281.8 million euros. The major reason for this sluggish growth was the
soft demand from individual key accounts in the North American
biopharmaceutical sector, who temporarily manufactured considerably
fewer medications than originally planned because of delayed or
restricted drug approvals. In Europe, by contrast, sales revenue
increased, where the strong first-half development of equipment business
substantially weakened in the third quarter. Business in Asia evolved at
moderate growth rates. Sartorius Stedim Biotech’s
order intake developed sluggishly: For January to September, the
Biotechnology Division posted an order intake of 269.3 million euros
relative to 283.8 million euros a year ago (-1.1%; current exchange
rates: -5.1%). Based on the growth rates achieved, management assesses
that the Biotechnology Division performed well within the overall
difficult market environment.
Reported at an EBITA margin of 10.7%, the profitability of Sartorius
Stedim Biotech continues to remain sound (currency-adjusted around
11.5%; Q1–Q3 2007: 12.5%). In absolute
figures, the operating result amounts to 29.1 million euros compared
with 35.2 million euros last year.
Sartorius Mechatronics
Nine-month sales revenue for the Mechatronics Division continued to
develop within the range of the company’s
expectations, rising by a currency-adjusted 5.5% to 180.0 million euros
(current exchange rates: +1.7%). Significant growth impulses came from
all across its business areas, especially from Asia and Europe. For
order intake as well, Sartorius Mechatronics posted a gain of 3.9%
(current exchange rates: +0.2%). Its operating result eased slightly
from 11.7 million euros to 11.4 million euros. The corresponding EBITA
margin at the end of the nine-month period is at 6.3% (currency-adjusted
around 7%; Q1–Q3 2007: 6.6%).
Outlook
As the global economic conditions are becoming increasingly difficult
and uncertain, Sartorius does not consider it possible to make a
reliable, quantitative forecast of further business development for the
last quarter of this year. Nevertheless, the company does anticipate
that the overall stable development, though below forecasts, of the
three quarters seen so far will also continue in the coming months. For
this reason, the company does not expect to completely reach its
full-year targets announced after the first half. Among these targets
projected, both divisions were to post higher sales revenue and earnings
in the second half than in the first half. However, a robust operating
result is projected for the fourth quarter.
Dr. Joachim Kreuzburg, CEO of Sartorius, commented on this outlook as
follows: “Even though 100% reliable business
forecasts are not possible to make in the current turbulent economic
situation, we remain confident about the further development of
Sartorius: The attractiveness of our markets is above-average, we are
very well-positioned in these markets, and our broad-based geographical
presence has a balancing effect and lowers risks.“
Conference Call and Webcast
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of Sartorius,
will discuss the nine-month figures with analysts and investors today,
October 28, at 3:00 p.m. Central European Time (CET), in a
teleconference. You may dial into the teleconference starting at 2:45
p.m. CET at the following numbers:
Germany: +49 (0) 69 2222 2220;
France: +33 (0) 1 70 99 42 82;
UK: +44 (0) 20 7138 0839;
USA: +1 718 354 1362.
The dial-in code is: 4944170; to view the webcast, log onto http://www.sartorius.com
or http://www.livemeeting.com/cc/premconfeurope/join?id=4944170&role=atte
nd&pw=pw4329
Current Image Files:
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of Sartorius AG:
www.sartorius-stedim.com/media/content/press/support/Dr_Kreuzburg.
jpg
Sartorius Stedim Biotech:
http://www.sartorius.com/media/content/press/support/biotechnology
_01.jpg
Sartorius Mechatronics:
http://www.sartorius.com/media/content/press/support/Mechatronics_
2_AR_08.jpg
(Due to their lengths, some of the above URLs may need to be
copied/pasted into your Internet browser's address field. Remove any
extra space if one exists.)
Upcoming Financial Dates:
February 2009 Publication of the preliminary figures for fiscal 2008
March 2009 Annual press conference in Goettingen, Germany
April 23, 2009* Annual Shareholders’ Meeting
in Goettingen, Germany
April 2009 Publication of quarterly figures from Jan. –
March 2009
* tentatively scheduled date
This is a translation of the original German-language press release.
Sartorius shall not assume any liability for the correctness of this
translation. The original German press release is the legally binding
version. Furthermore, Sartorius reserves the right not to be responsible
for the topicality, correctness, completeness or quality of the
information provided. Liability claims regarding damage caused by the
use of any information provided, including any kind of information which
is incomplete or incorrect, will therefore be rejected.
A Profile of Sartorius
The Sartorius Group is an internationally leading laboratory and process
technology provider covering the segments of biotechnology and
mechatronics. In 2007, the technology group earned pro forma sales
revenue of 622.7 million euros. Founded in 1870, the Goettingen-based
company currently employs approximately 4,500 persons. The major areas
of activity in its biotechnology segment focus on fermentation,
filtration, purification, fluid management and laboratory applications.
In the mechatronics segment, the company primarily manufactures
equipment and systems featuring weighing, measurement and automation
technology for laboratory and industrial applications. Key Sartorius
customers are from the pharmaceutical, chemical and food and beverage
industries and from numerous research and educational institutes of the
public sector. Sartorius has its own production facilities in Europe,
Asia and America as well as sales subsidiaries and local commercial
agencies in more than 110 countries.