Guidance withdrawal drags Draegerwerk to bottom of German smallcaps

Draegerwerk AG & Co KGaA

17/10/2022 07:45

** Draegerwerk  DRWG.DE  falls 8.7% in the early Frankfurt
trade after the German medical equipment maker withdrew its 2022
guidance late on Friday  urn:newsml:reuters.com:*:nTUC3HFJMZ
    ** "Annual targets no longer achievable," the company said
in a preliminary Q3 release, citing a delay in sales recognition
    ** The Lübeck-based group says it achieved sales of around
EUR 725 million ($706 million) in Q3, 9.1% lower on the year and
below its expectations
    ** "New day, same sickening company," a local trader says
    ** The Draegerwerk shares are at the bottom of the German
small-cap index  .SDAXI  and down around 30% year-to-date
($1 = 1.0272 euros)
 (Reporting by Tristan Chabba)
 ((Tristan.chabba@thomsonreuters.com))