FRANKFURT (Reuters) - German food-processing machinery maker GEA (G1AG.DE) cut its 2017 profit guidance following a weak second quarter with depressed sales volumes and margins, as well as costs related to a bottling product line it has already stopped making.
GEA said on Saturday it now targets 2017 earnings before interest, tax, depreciation and amortisation of 600-640 million euros, compared to an earlier guidance of 620-670 million.
The company confirmed its 2017 revenue target of moderate growth.
In the second quarter, GEA’s operating EBITDA decreased to 122 million, from 145 million euros in the year-earlier period, while order intake was flat at 1.2 billion euros.
Full second quarter results are due on July 26.
Reporting by Arno Schuetze; Editing by Andrew Heavens