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Merck KGaA Q2 core profit up 2.3 pct on AZ Electronic takeover
August 13, 2014 / 5:28 AM / 3 years ago

Merck KGaA Q2 core profit up 2.3 pct on AZ Electronic takeover

FRANKFURT, Aug 12 (Reuters) - Germany’s Merck KGaA , the world’s largest maker of liquid crystals for display screens, said quarterly underlying core earnings edged up 2.3 percent thanks to a recent takeover, though the gain was tempered by the strong euro.

Second-quarter earnings before interest, taxes, depreciation, amortisation (EBITDA) and one-off items rose to 846 million euros ($1.13 billion), above the 834 million euros expected on average by analysts in a Reuters poll.

Merck said on Wednesday it still expected adjusted EBITDA of 3.3-3.4 billion euros in 2014, up from 3.25 billion last year, including the acquisition of Britain’s AZ Electronic Materials for $2.6 billion, which it wrapped up in May.

The family-controlled company, which traces its roots to a 17th century pharmacy, said the acquisition resulted in a 3 percent sales increase in the April-to-June quarter, countered by a negative effect of 4.5 percent from the strong euro, which lowered the value of overseas sales.

$1 = 0.7483 euro Reporting by Ludwig Burger; Editing by Maria Sheahan

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