Drägerwerk AG & Co. KGaA: Dräger with solid business performance in the first quarter of 2024
EQS-News: Drägerwerk AG & Co. KGaA
/ Key word(s): Quarter Results/Forecast
Dräger with solid business performance in the first quarter of 2024
Lübeck – Drägerwerk AG & Co. KGaA increased its order intake in the first quarter of 2024 thanks to good overall demand. At around EUR 811 million, order intake was around EUR 7 million above the high prior-year figure. In addition, Dräger achieved a positive operating result in what is traditionally a weak reporting period for the Company. Compared to the strong prior-year quarter, however, earnings and net sales declined as expected. Net of currency effects, net sales fell by 2.6 percent to around EUR 735.8 million (3 months 2023: EUR 761.1 million). Earnings before interest and taxes (EBIT) amounted to EUR 15.1 million (3 months 2023: EUR 29.1 million). The EBIT margin amounted to 2.0 percent (3 months 2023: 3.8 percent). “Our order intake increased in the first quarter. This shows that demand for our Technology for Life remains high,” says Stefan Dräger, Chairman of the Executive Board of Drägerwerk Verwaltungs AG. “The fact that net sales and earnings were down on the strong prior-year quarter is no surprise. Firstly, we had benefited from a noticeable improvement in delivery capability, and thus from the processing of the order backlog. Secondly, the relaxation of the zero-Covid policy in China had led to a surge in demand for our ventilators. As expected, neither effect was repeated.” Good demand in safety business In the safety division, order intake rose by 6.1 percent (net of currency effects) to EUR 357.2 million (3 months 2023: EUR 338.4 million). Growth was driven in particular by occupational health and safety equipment, respiratory and personal protection products as well as alcohol and drug testing devices. In the medical division, order intake decreased by 1.9 percent (net of currency effects) to EUR 453.7 million (3 months 2023: EUR 465.3 million). This was due in particular to the lack of a renewed wave of demand for ventilators in China. As a result, order intake in the Asia-Pacific region fell significantly. In contrast, demand for devices in the areas of thermoregulation, patient monitoring and anesthesia increased. Safety business with significant net sales growth – Medical business down on the prior year In the medical division, net sales decreased by 10.4 percent (net of currency effects) to EUR 417.4 million (3 months 2023: EUR 469.9 million). This was due in particular to the China effect described above. In the same period of the prior year, the division also benefited from catch-up effects as a result of the noticeable improvement in delivery capability. Positive EBIT in traditionally weak quarter Dräger's gross margin rose to 45.3 percent in the first quarter of 2024 (3 months 2023: 45.0 percent), in particular due to high production utilization in the safety division. Earnings after taxes amounted to EUR 7.5 million (3 months 2023: EUR 17.2 million). Annual forecast confirmed “Despite the first quarter traditionally being the weakest in our fiscal year, we achieved a positive result. We are therefore confident that we will achieve our forecast for the year,” says Stefan Dräger. Further information is available in the financial report at www.draeger.com. Disclaimer
25.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Drägerwerk AG & Co. KGaA |
Moislinger Allee 53-55 | |
23558 Lübeck | |
Germany | |
Phone: | +49 (0)451 882-0 |
Fax: | +49 (0)451 882-2080 |
E-mail: | info@draeger.com |
Internet: | www.draeger.com |
ISIN: | DE0005550602, DE 000 555 063 6, DE 000 555 071 9 |
WKN: | 555060, 555063 Vorzüge, 555071 Genussschein D |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Stuttgart, Tradegate Exchange |
EQS News ID: | 1888701 |
End of News | EQS News Service |
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