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Plastics help Gerresheimer achieve solid quarterly results

By: EUROPEAN PLASTICS NEWS

July 10, 2013

Gerresheimer AG, the Germany-based medical packaging specialist, says a strong performance from the Plastic Systems division meant the company sustained a solid second quarter this year.

Revenues during the second quarter of 2013 increased 4.2 percent to 327.1 million euros, reflecting strong sales of plastic insulin pens and inhalers. Triveni Polymers Ltd. Pvt., the Indian plastic packaging firm acquired by Wackerdorf, Germany-based Gerresheimer in December, also contributed to the increase in revenues.

There was also a slight increase in earnings before interest, taxes, depreciation and amortization (EBITDA), which went up 0.5 percent from the same period last year, and net income, which increased 0.9 percent.

However, EBITDA margin was 18.3 percent compared to 19 percent in the same quarter in 2012. Gerresheimer said the decrease was due to the anticipated high cost of improving production of prefillable syringes at a German plant, as well as problems at a glass ampoule plant in Mexico.

Looking forward, the firm still expects revenue growth of 5-6 percent in 2013. EBITDA will total 245 million to 250 million euros over the year, the company predicts.