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Knorr-Bremse Q1 Earnings, Orders Down; Warns On Weak FY20 Results

Knorr-Bremse AG (KNRRY.PK), a provider of braking systems and other rail and commercial vehicle systems, reported Thursday that its first-quarter earnings per share fell to 0.83 euro from 1.13 euros last year.

EBIT decreased 18.4 percent to 224.0 million euros from previous year's 274.6 million euros. EBIT margin was 13.8 percent, down from previous year's 15.6 percent.

EBITDA of 290.2 million euros declined 13 percent from last year. The EBITDA margin was 17.8 percent, compared to previous year's 19 percent.

Revenues of the Knorr-Bremse Group declined 7.3 percent in the first quarter to 1.63 billion euros from 1.76 billion euros a year ago.

The company noted that its business performance in the first quarter of 2020 was impacted by Covid-19, first in Asia, then in Europe and North America.

Order intake was down 16.1 percent on the year-earlier period at 1.59 billion euros.

The order book came to 4.65 billion euros, down 1 percent from last year. Order book in RVS division was up 6.6 percent despite Covid-19 impact.

Looking ahead for fiscal 2020, the company expects revenues and EBITDA to be substantially lower than in 2019. Consequently, the EBITDA and EBIT margins are also expected to contract significantly.

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