0523 GMT - Fresenius Medical Care's second-quarter results beat consensus expectations, but the company's reiteration of full-year guidance suggests earnings are likely to contract in coming quarters, J.P. Morgan analysts say in a research note. The German dialysis specialist reported a quarterly adjusted operating profit of 569 million euros, ahead of consensus estimates of 514 million euros. This probably has more to do with how analysts modeled the timing of effects of Medicare payment adjustments, which also explains why Fresenius Medical Care reiterated 2026 guidance, according to JPM. The company's outlook points to an earnings contraction in the mid-teens to mid-20s percentage range in the second half, the analysts say.