BioTech

Shares in Draegerwerk slide after disappointing Q2 results

Shares in Draegerwerk slid 2.5% in pre-market trade at brokerage Lang & Schwarz on Thursday after the German medical equipment maker reported a 22% slide in second-quarter operating profit.

BERLIN, July 15 (Reuters) - Shares in Draegerwerk DRWG_p.DE slid 2.5% in pre-market trade at brokerage Lang & Schwarz on Thursday after the German medical equipment maker reported a 22% slide in second-quarter operating profit.

Earnings before interest and tax (EBIT) fell to 80 million euros ($95 million) in the three months through June compared with 102 million in the year-earlier period, Draegerwerk said late on Wednesday.

Sales were broadly flat at 738 million euros, bolstered by demand for medical equipment related to the coronavirus pandemic, but the gross margin slipped to 46% from 49.2% due to higher expenses.

"There may be more downside as harsh retreat in EBIT in Q2 21 is disappointing, given ongoing topline development," a local trader said.

($1 = 0.8445 euros)

(Reporting by Maria Sheahan, editing by Kirsti Knolle)

((maria.sheahan@thomsonreuters.com; +49 30 22013 3680;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Technology Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More