Draegerwerk slashes outlook on strong euro
FRANKFURT, July 14
FRANKFURT, July 14 (Reuters) - German medical safety technology company Draegerwerk slashed its full-year outlook, citing among other things the effects of a strong euro, and said it would review its medium-term targets.
Draegerwerk said on Monday it now saw sales growth of 2-4 percent, compared with a previous outlook for 3-6 percent, but added that currency effects were likely to shave more than 2 percentage points off growth.
It now expects its operating margin including currency effects to come in between 4.5 percent and 6.5 percent.
Other factors Draegerwerk cited for the move were a substantial decline in business with Russia, slow demand from medical customers in the United States and a weak business performance in some countries in Asia-Pacific. (Reporting by Maria Sheahan, editing by David Evans)