Investing.com -- Sartorius (ETR:SATG_p) beat third-quarter expectations Thursday on a surge in its lab products business, and raised the outlook for that unit while confirming group guidance.
Group revenue was €926 million, above the €899 million consensus, with operational growth of 9.0% at constant exchange rates versus the 6.6% analysts expected. Adjusted EBITDA was €280 million, above the €269 million consensus, and the margin widened to 30.2% from 29.3% a year earlier.
Lab Products & Services was the standout, with revenue up about 14% on an operational basis to €189 million, against a €169 million consensus. Its EBITDA margin was above 22%, versus the 20.2% analysts expected.
At Sartorius Stedim Biotech (EPA:STDM), the bioprocessing arm, revenue was €762 million, up 7.4% operationally, in line with forecasts. EBITDA was €237 million, a 31.1% margin. The Americas grew 12.6% to €271 million.
Sartorius shares rose nearly 4% in German trading, while Paris-listed Sartorius Stedim gained 1.7%.
For the year, Sartorius confirmed group growth of 5% to 9% and an EBITDA margin slightly above 30%, and cut its capital spending target to 12% of sales from 12.5%. It now expects the lab unit to grow at the upper end of a 2% to 6% range and to earn a margin slightly above 21%, up from slightly below.
Stedim's guidance was unchanged.
"Sartorius delivered a strong Q3," Jefferies analysts led by James Vane-Tempest said. The team credited strong bioanalytics, recovering biotech activity and some projects pulled forward into the quarter for the lab beat.
Separately, RBC Capital Markets analyst Charles Weston said "overall results feel firm and should support flat shares this morning despite recent outperformance."
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