Merck KGaA 2nd-qtr sales slip, but EBITDA beats forecasts

German health care and chemicals firm Merck KGaA (MRK: DE) reported second-quarter 2013 financial results, posting revenues of 2.84 billion euros ($3.77 billion), down 0.4%, but representing organic growth of 2.8%. Negative currency effects were -3.4%, with the total figure missing forecasts of 2.84 billion euros by eight analysts polled by Dow Jones. Merck’s shares declined 3.4% to 121.67 euros by 9.52am this morning (August 6).

Sales (total revenues less royalty, license and commission income) grew organically by 3.3% in the second quarter of 2013 but the increase was offset by negative currency effects of -3.5%, with sales for the quarter coming in at 2.74 billion euros, effectively the same as a year ago.

Earnings before interest, taxes, depreciation and amortization (EBITDA) – pre one-times items – were 826.4 million euros, a rise of 10.7%, beating forecasts of 822.3 million euros, or 2.26 euros per share (+17.7%). Net income came in at 316.0 million euros compared to a 63.2 million-euro loss in the like, year earlier quarter, again beating estimates of 2.22 euros.