By David Sachs
Sartorius shares rose Friday after the company's fourth-quarter sales and earnings beat expectations.
At 0832 GMT, shares in the Germany-based pharmaceutical supplier were up 8.3% at EUR327.00 after rising as high as EUR338.60.
The group's sales of 850 million euros ($922.1 million) represented a 17% drop at constant currency from the prior year, but were 5% above Berenberg's expectations, analysts from the German bank said.
Sartorius's quarterly earnings before interest, taxes, depreciation and amortization of EUR230 million beat the Visible Alpha consensus by around 6%, Berenberg said.
The company's ratio of new orders to completed sales, along with its 2024 outlook, should encourage traders, Jefferies analysts said in a in a research note. Sartorius said it expects a revenue increase in the mid-to-high single-digit percentage range in 2024 with an underlying profit margin of more than 30%, which the analysts said is better than expected.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
01-26-24 0402ET