Draegerwerk Posts Profit In Q1, Orders Down; Expects To Reach Or Exceed Upper End Of FY21 View Range


(RTTNews) – German medical and safety technology provider Draegerwerk AG & Co. KGaA (DRWKF.PK) reported Thursday that its first-quarter earnings after taxes were 82.8 million euros, compared to loss of 6.7 million euros last year.

Earnings before interest and taxes or EBIT improved significantly to stand at 128.9 million euros, compared to loss of 0.6 million euros a year ago. EBIT margin was 16.3 percent, compared to negative 0.1 percent last year.

Net sales climbed 23.8 percent to 792.1 million euros from 640 million euros last year for a usually seasonally weak first quarter. Sales grew 27.5 percent net of currency effects.

Order intake, meanwhile, fell 46.9 percent from last year to 739.8 million euros. Orders dropped 44.9 percent net of currency effects.

Looking ahead for fiscal 2021, Dräger continues to expect a decline in net sales of between 7.0 percent and 11.0 percent net of currency effects and an EBIT margin of between 5.0 percent and 8.0 percent.

However, business performance in the first quarter exceeded the original expectations, increasing the probability of reaching the upper end of the forecast or even exceeding it.

Stefan Dräger, Chairman of the Executive Board, said, “The new fiscal year got off to a start that exceeded our expectations overall. As a result, it is more likely that we will emerge in better shape than anticipated. We will review our forecasts and provide more specific figures with this in mind when we publish the half-year figures for 2021, at the latest.”