RTTNews | Oct 29, 2020 02:33AM EDT

02:32 Thursday, October 29, 2020 (RTTNews.com) - Fresenius Medical Care AG & Co. KGaA (FMS) Thursday confirmed its outlook for the financial year 2020, after the company reported 15 percent growth in net income for the nine-month period, with 4 percent year-on-year increase in revenue.

In the first nine months, the Group's net income grew by 15 percent to 987 million euros and earnings per share rose by 19 percent to 3.35 euros. At constant currency, net income and earnings per share were up 15 percent and 19 percent, respectively.

Operating income for the year-to-date period increased by 11 percent to 1.843 billion euros, resulting in a margin of 13.7 percent versus 12.8 percent last year.

Fresenius' revenues grew 4 percent to 13.46 billion euros, while it rose 6 percent at constant currency. Health Care services revenue grew by 4 percent and Health Care Products revenue rose by 5 percent.

For the third quarter, the Group's net income rose by 6 percent to 354 million euros and basic earnings per share increased 9 percent to 1.21 euros. Revenues, however, remained stable at 4.41 billion euros in the quarter.

Looking ahead, the Group confirmed its outlook for the financial year 2020. Fresenius said it continues to expect both revenue and net income to grow at a mid to high single digit rate for the full year. The targets include anticipated COVID-19 effects, in constant currency and exclude special items.

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