January 29, 2018 / 7:09 AM / 9 months ago

BRIEF-Getinge Q4 core profit far below forecast​

Jan 29 (Reuters) - Getinge:

* Q4 ‍ORDER INTAKE INCREASED BY 2.3% TO SEK 6,624 M (6,473)​

* Q4 ‍NET SALES FELL BY 0.8% TO SEK 7,371 M (7,434)​

* Q4 ‍EBITA 1** AMOUNTED TO SEK 1,111 M (1,689) WITH AN EBITA 1 MARGIN OF 15.1% (22.7)​

* Q4 ‍EXCLUDING NON-RECURRING ITEMS, EBITA 1 AMOUNTED TO SEK 1,377 M (1,484) AND EBITA 1 MARGIN TO 18.7% (20.0)​

* SAYS ‍A DIVIDEND PER SHARE OF SEK 1.50 (1.75***) IS PROPOSED, CORRESPONDING TO SEK 409 M (477)

* REUTERS POLL: GETINGE Q4 ORDER INTAKE WAS SEEN AT 6.5 BILLION SEK, ADJUSTED. EBITA AT 1.6 BILLION, DIVIDEND AT 1.76 SEK/SHARE​

* OUTLOOK 2018: ORGANIC SALES GROWTH IS EXPECTED TO BE SLIGHTLY POSITIVE IN 2018​

* OUTLOOK 2018: CURRENCY TRANSACTION EFFECTS ARE EXPECTED TO HAVE A NEGATIVE IMPACT OF APPROXIMATELY SEK 100 M ON THE GROUP’S 2018 EBIT

* SAYS EXCLUDING NON-RECURRING ITEMS, GROSS PROFIT WAS IN LINE WITH THE YEAR-EARLIER PERIOD, WHILE EBITA 1 WAS NOT SATISFACTORY

* OPERATING PROFIT WAS NEGATIVELY AFFECTED BY OUTSTANDING GROUP-WIDE EXPENSES FOLLOWING THE DISTRIBUTION OF ARJO

* SAYS WE ARE TACKLING THIS BY GRADUALLY REDUCING OUR OPERATING EXPENSES IN RELATION TO SALES

* SAYS NON-RECURRING COSTS CHARGED TO GROSS PROFIT FOR THE QUARTER PRIMARILY COMPRISE WRITE-DOWNS OF A NUMBER OF CAPITALIZED RESEARCH PROJECTS AND INVENTORY IMPAIRMENT. ​

* SAYS THE REMEDIATION PROGRAM RELATED TO THE CONSENT DECREE WITH FDA CONTINUED ACCORDING TO PLAN AT ALL UNITS CONCERNED DURING THE FOURTH QUARTER Source text for Eikon: Further company coverage: (Stockholm Newsroom)

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