Masterflex boosts sales and earnings in Q3

Gelsenkirchen, Germany-Polyurethane hose and medical products maker Masterflex AG has reported third quarter revenue growth of 8.3 percent, to Euro 53 6 million, and earnings (EBIT0 growth of 46 percent, to Euro 7.69 million. Net profits were up by nearly 84 percent at Euro 4.3 million, the Gelsenkirchen-based firm said. Masterflex, which as well as PU hoses and PU-based medical parts, makes fuel cells for bicycles and portable products, predicts that its full year results will show revenue up by between 9 to 15 percent, a little down from earlier predictions of 17-20 percent. It also expects EBIT growth of 42 to 48 percent and EBIT margin at a record 14.3 percent. Masterflex said its above-average improvement in income was "due to increased sales in innovative, premium-priced products with high margins. A further reason is the positive business development of our US subsidiary, which broke even at the end of last year and has since rapidly increased its revenue and earnings," the company added. Masterflex said its "highly profitable core business, high tech hose systems, did extremely well in Q3, again proving to be a growth engine." "