Gerresheimer's Q1 Earnings Affected by Low Glass Demand
(Reuters) -German packaging and medical equipment maker Gerresheimer reported a lower organic core profit for the first quarter on Friday, hit by continued lower demand in moulded glass and shift in syringe revenues into later quarters.
Its organic adjusted operating earnings before depreciation and amortisation (EBITDA) fell 9.3% to 91.4 million euros ($103.29 million), including recently acquired Bormioli Pharma's results for both this year and the last.
Non-organic adjusted EBITDA, which doesn't account for currency exchange effects and Bormioli Pharma's year-ago results, rose 13.1% to 91.5 million euros, slightly above market expectations of 90.8 million euros, according to a consensus compiled by Vara Research.
The company said the results were mainly impacted by exchange rate effects from the change in the U.S. dollar against the euro, delays in syringe business revenues into second and third quarters, and weak demand in moulded glass for cosmetics.
It also noted that production at its plant in Morganton, North Carolina had not yet fully resumed following Hurricane Helene.
($1 = 0.8849 euros)
(Reporting by Isabel Demetz and Marleen Kaesebier in Gdansk, editing by Milla Nissi)
