Q2 2024 Gerresheimer AG Earnings Call Transcript
Key Points
- Gerresheimer AG (GRRMY) reported an organic revenue growth of 4.7% in Q2 2024, with revenues increasing from EUR500 million to EUR502 million.
- The Plastic & Devices division showed strong performance with an organic revenue growth of 6.7% and an adjusted EBITDA growth of 12.4%.
- The company is expanding its production capacities globally, including new lines and projects, which are expected to drive strong performance in the second half of 2024.
- Gerresheimer AG (GRRMY) confirmed its guidance for 2024 and 2025, expecting revenue growth of 5% to 10% and adjusted EBITDA between EUR430 million and EUR450 million.
- The planned acquisition of Bormioli Pharma is expected to be highly complementary and accretive, enhancing the company's portfolio in both glass and plastic containment solutions.
- The Primary Packaging Glass division experienced a revenue decline of 6.6% due to temporary destocking effects, impacting overall performance.
- Adjusted earnings per share (EPS) declined by 3.1% organically, primarily due to the dilutive effect of the capital increase in April 2023.
- Free cash flow was negatively impacted by a cash outflow of EUR50 million in Q2, more pronounced than the previous year's Q2 outflow of EUR21 million.
- The Advanced Technologies division remained stagnant with revenues at prior year's level and an adjusted EBITDA of minus EUR3 million.
- The company anticipates that revenue growth for 2024 will be at the lower end of the guidance range due to ongoing destocking effects.
(audio in progress) Thank you, operator. Please note that the recording will be made available on our website sometime after this call.
With that, I hand over to our CEO, Dietmar Siemssen, to run you through the highlights of the quarter together with our CFO, Dr. Bernd Metzner. Dietmar?
Thank you so much, and welcome, everybody, and thank you for joining us this morning. As you heard Bernd Metzner, our CFO, and I will now run you through the highlights of our second quarter 2024. As always, we will then be happy to take your questions.
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