BERLIN (dpa-AFX) - German medical and safety technology provider Draegerwerk AG & Co. KGaA (DRWKF.PK) reported that its preliminary earnings before interest and taxes or EBIT for the first-quarter of 2024 declined to around 15 million euros from 29.1 million euros in the first-quarter of 2023.
Net sales for the first quarter of 2024 decreased 3.3% to around 736 million euros from the prior year's 761.1 million euros, while it was down 2.6 percent at net of currency effects.
In the first quarter of 2023, the company had benefited from catch-up effects as a result of the noticeable improvement in delivery capability. In addition, a surge in demand for ventilators in China had led to higher net sales. Both effects were absent in the first quarter of 2024.
Demand for Drager products and services remained high overall. Order intake increased by 0.9% to around 811 million euros from the previous year.
The company confirmed its forecast for the year and continues to expect net sales growth of 1.0 to 5.0 percent (net of currency effects) and an EBIT margin of 2.5 to 5.5 percent.
The company said it will publish the full results for the first quarter on April 25, 2024.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
