May 15, 2014 / 5:31 AM / 4 years ago

Merck KGaA Q1 profit gains on cost cuts

FRANKFURT, May 15 (Reuters) - Germany’s Merck KGaA , the world’s largest maker of liquid crystals for display screens, said quarterly underlying core earnings edged 0.7 percent higher as the benefits of a cost cutting initiative outweighed the impact of weaker foreign currency exchange rates.

First-quarter earnings before interest, taxes, depreciation, amortisation and one-off items rose to 807 million euros ($1.11 billion), just above the 805 million euros expected on average by analysts in a Reuters poll.

Merck said on Thursday it expected adjusted EBITDA of 3.3-3.4 billion euros this year, up from 3.25 billion last year, including its recent acquisition of Britain’s AZ Electronic Materials for $2.6 billion.

$1 = 0.7294 Euros Reporting by Ludwig Burger

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