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Draegerwerk Preliminary Q3 EBIT Drops

German medical and safety technology provider Draegerwerk AG (DRWKF.PK) reported that preliminary third-quarter EBIT dropped to around 48 million euros, from 126.7 million euros, due to lower sales in connection with the coronavirus pandemic and the lower gross profit margin. At the same time, higher functional expenses impacted earnings.

Net sales were around 770 million euros, a decrease of 11.8 percent on currency-adjusted basis or 10.8 percent on nominal basis compared to the prior year's period.

The company continues to expect net sales to decline by between 2.0 and 6.0 percent in constant currency and the EBIT margin to be between 8.0 and 11.0 percent in the current fiscal year following the record year in 2020.

The company expects pandemic-related demand to normalize and does not anticipate comparable demand in the coming year.

The company will publish the full results for the first nine months of the fiscal year on October 28, 2021.

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