Germany's Fresenius raises 2024 forecast after Q3 beat
Adds details and CEO quote from paragraph 4
Nov 6 (Reuters) -Germany's Fresenius FREG.DE raised its full-year outlook on Wednesday after beating third-quarter expectations, citing strong performances at its Kabi and Helios divisions.
The healthcare group said it expects organic revenue growth of 6%-8%, from a previously anticipated 4%-7%.
It also raised its forecast of constant currency earnings before interests and taxes (EBIT) before special items growth to 8%-11% from 6-10%.
Fresenius reported third-quarter revenue of 5.30 billion euros ($5.69 billion) and EBIT before special items of 522 million euros, beating a company-provided consensus by 1.7% and 3.4% respectively.
"Both Kabi and Helios continue to deliver consistent and sustained financial performance," CEO Michael Sen said in a statement.
Since taking the helm in October 2022, Sen has been revamping the organization to reduce expenditures and liabilities following a drop in profits at its previous dialysis unit, Fresenius Medical Care FMEG.DE.
This restructuring initiative has prioritized Fresenius Kabi, a producer of generic hospital medications, and Helios, which operates a network of hospitals in Germany and Spain.
($1 = 0.9315 euros)
Reporting by Tristan Veyet and Rafal W. Nowak in Gdansk; Editing by Varun H K
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