Carl Zeiss Meditec AG (CZMWF.PK), a German manufacturer of optical systems, reported Tuesday that its fiscal 2023 earnings per share declined to 3.25 euros from last year's 3.29 euros.
Earnings before interest and taxes or EBIT declined to around 348 million euros from prior year's 397 million euros, mainly due to a less favorable product mix with a lower proportion of recurring revenue.
The EBIT margin was 16.7 percent, down from prior year's 20.9 percent. Adjusted for special effects, EBIT margin was 17.4 percent, compared to 21.4 percent a year ago.
Carl Zeiss Meditec generated revenue of 2.09 billion euros in the year, a growth of 9.8 percent from last year's 1.90 billion euros. Adjusted for currency effects, revenue grew 10.1 percent.
Further, the company said its Management Board and Supervisory Board plan to propose a dividend of 1.10 euros to the Annual General Meeting, unchanged from the prior year.
Looking ahead for fiscal 2024, the company projects EBIT to be at roughly the same level as in the prior year. EBIT and EBIT margin is expected to be higher again in the second half than in the second half of 2023.
Revenue growth for fiscal year as a whole is expected to be at least as high as market growth.
The company said it considers the outlook for fiscal year 2024 to be largely positive, as the underlying long-term development trends continue to persist.
In the medium term, the company expects to be able to stabilize its EBIT margin sustainably above 20 percent.
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