UPDATE 1-Tognum Q2 adj EBIT misses expectations, keeps f'cast
* Q2 adj EBIT falls to 19.2 mln eur vs f'cast 39 mln eur
* Still sees high-single digit adj EBIT margin for 2009
* Revenue expected to decline 15-20 pct for 2009
(Adds details)
FRANKFURT, Aug 11 (Reuters) - Tognum (TGMG.DE) badly missed sales and earnings expectations in the second quarter on Tuesday but the off-road diesel engine maker reaffirmed its full year forecast for an adjusted operating profit margin in the high single digits.
Adjusted earnings before interest and tax (EBIT) slumped 81 percent to 19.2 million euros ($27.24 million), missing the 39 million expected on average according to a poll of nine analysts. [ID:nL6198914]
The weak quarterly result meant its adjusted operating margin dropped 6.5 percentage points to 6.7 percent in the first half, but the German company said it was still on course to meet its 6-9 percent margin target for 2009. "Particularly in the current economic crisis, we are sticking to our strategy and investing more in research and development. Our goal is to consolidate our technological leadership in order to emerge from the crisis even stronger," Chief Executive Volker Heuer said in a statement.
Quarterly net profit on an adjusted level slid 83 percent to 12.7 million euros.
Revenue for the full year would fall 15-20 percent, the company said, slightly worse than the previously expected drop of 10-20 percent.
(Reporting by Christiaan Hetzner)
