Grifols Shares Climb After Profit Beats Estimates: Madrid Mover
Grifols jumped as much as 8.5 percent, the biggest intraday gain since February 2011, and traded up 7 percent at 17.75 euros as of 11:50 a.m., valuing the Barcelona-based company at 5.25 billion euros ($6.9 billion). It was the best performer on the benchmark IBEX 35 Index today.
First-quarter sales jumped to 666.7 million euros from 261.4 million euros a year earlier after the acquisition of Talecris Biotherapeutics Holdings Corp., Grifols said today in a statement. Net income was 67.5 million euros. Analysts predicted revenue of 616 million euros and profit of 51.8 million euros, based on the average of estimates compiled by Bloomberg.
Earnings before interest, tax, depreciation and amortization increased to 202.6 million euros from 64.8 million euros, taking into account expenses related to the acquisition of Talecris and other non-recurring costs. Grifols bought U.S.- based Talecris for about $4 billion.
“Earnings were very good and in our opinion the goal of reaching 700 million euros in Ebitda this year is very conservative,” Luis de Blas, a Madrid-based analyst at Banesto Bolsa, wrote in a report to investors today.
To contact the reporter on this story: Manuel Baigorri in Madrid at email@example.com