Shares in Draegerwerk slide after disappointing Q2 results
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)
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