Merck KGaA Posts Drop In Net Profit, Lifts Sales Outlook

German company Merck KGaA MKGAY reported a 27% fall in its net profit for the third quarter, but lifted its sales outlook for 2014. The company's quarterly net profit declined to EUR249 million, from a year-ago profit of EUR340 million. However, analysts were estimating a profit of EUR332 million. Earnings per share slipped to 0.57 euro from 0.78 euro, while adjusted earnings came in flat at 1.15 euros. Its revenue gained 6.7% to EUR2.94 billion versus EUR2.75 billion, while EBITDA before one-time items climbed 3.1% to EUR856.6 million. Adjusted EBITDA at its pharmaceuticals unit dropped 4% to 449 million euros. Merck now expects 2014 sales of EUR11 billion to EUR11.2 billion, versus its prior outlook of EUR10.9 billion to EUR11.1 billion. Merck shares fell 0.59% to close at $29.68 yesterday.