July 14, 2020 / 6:05 PM / a month ago

Draegerwerk sees considerable lift in 2020 sales and profit amid pandemic

FRANKFURT (Reuters) - German medical equipment maker Draegerwerk (DRWG.DE) said on Tuesday that it expects 2020 sales and profit to be “considerably” higher than last year and its previous guidance due to demand resulting from the coronavirus pandemic.

Sales will rise between 14% and 22%, while the EBIT margin is expected between 7% and 11%.

The update came as Draegerwerk published preliminary earnings for the second quarter. Sales rose 24% and EBIT rose to 102 million euros, up from a 1.5 million euro loss a year earlier.

Earlier this year, Draegerwerk said that it would build a new factory in the United States to fill a government order for N95 respirator masks and that it was in talks with other governments over similar projects.

It has also received orders from the German government for hospital ventilators.

Reporting by Tom Sims; Editing by Nick Macfie

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