EQS-News

Drägerwerk AG & Co. KGaA: Dräger with solid business performance in the first quarter of 2024 - Seite 2

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
The safety division continued its net sales growth in the first quarter of 2024 and recorded an increase of 10.0 percent (net of currency effects) to EUR 318.4 million (3 months 2023: EUR 291.2 million), due in particular to the good order situation.

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
Due to the decline in net sales and the slight increase in functional expenses, EBIT of EUR 15.1 million in the first quarter of 2024 was significantly below the prior-year figure (3 months 2023: EUR 29.1 million). At the same time, the first quarter of 2024 was one of the best opening quarters of the past ten years in terms of earnings. The first quarter is usually the weakest quarter of the fiscal year for Dräger.

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
Dräger confirms its forecast for the year and continues to anticipate net sales growth of 1.0 to 5.0 percent (net of currency effects) and an EBIT margin of 2.5 to 5.5 percent.