* Q1 net income down at $225 mln vs poll avg $256
* Hit by U.S. wages, devaluation of Venezuelan Bolivar
* Shares down 4 pct, worst DAX decliner
FRANKFURT, April 30 First-quarter net income at
Fresenius Medical Care (FMC), the world's largest
dialysis provider, dropped more than expected to $225 million on
higher costs in the United States, its most important market.
The 12 percent miss from an average analyst estimate of $256
million for net income marks a rare disappointment for analysts,
who tend to accurately forecast FMC's steady gains in income
from dialysis services and devices, which are not dependent on
the business cycle.
LBBW analyst Timo Kuerschner pointed to higher wages in the
United States and the effect of a sharply lower Venezuelan
bolivar on FMC's emerging markets business as the main effects
not factored in by the market.
Shares in FMC dropped 4 percent after the open, the biggest
decline in the German blue-chip index DAX, which was
down 1 percent.
The company, however, continues to target 2013 net income of
between $1.1-$1.2 billion, it said on Tuesday, in line with
"We are confident of meeting our guidance range for the full
year, although we are not completely satisfied with our growth
internationally in the first quarter of 2013," FMC Chief
Executive Rice Powell said.
German diversified healthcare group Fresenius SE,
which controls FMC, posted first-quarter adjusted net income
slightly below market expectations.
Quarterly adjusted net income gained 12 percent to 224
million euros ($292 million), it said on Tuesday, lower than the
consensus estimate of 231 million euros.
Fresenius confirmed it saw 2013 sales growth of 7-10 percent
and adjusted net income growth of 7-12 percent, both adjusted
for currency swings.