Shares of Carl Zeiss Meditec AG (CZMWF.PK) were losing around 8 percent in German trading after the manufacturer of optical systems reported Wednesday weak earnings in its second quarter, despite higher revenues. The company also trimmed its fiscal 2023 outlook amid supply chain issues and an increased uncertainty regarding the outlook.
For the second quarter, earnings per share fell to 0.69 euro from prior year's 1.01 euro. EBIT amounted to 83.6 million euros, lower than prior year's 103.0 million euros. In the second quarter, revenue, however, grew to 504.2 million euros from last year's 445.2 million euros.
The decline in operating profit primarily results from a weaker product mix owing to a lower share of consumables at the beginning of the fiscal year, partly related to the COVID-19 pandemic in China.
Order intake in the device business was below the prior year, mainly caused by the continuously elevated delivery times for many products as a consequence of strained global supply chains.
Looking ahead for fiscal 2023 outlook, EBIT margin is now expected to reach between 17 percent and 20 percent, compared to previous guidance of between 19 percent and 21 percent. In the course of the second half, EBIT is expected to significantly recover compared to the first half year.
Revenue is now expected to reach around 2.1 billion euros, compared to the previous goal of growth at least in line with the underlying markets. The company had not previously provided a quantitative revenue forecast.
The company plans to publish the full first-half results on May 9.
In Germany, Carl Zeiss Meditec shares were trading at 114.15 euros, down 7.76 percent.
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