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(Bloomberg) -- Geberit AG, a Swiss maker of toilets and bathroom piping, reported second-quarter earnings that missed estimates as the burgeoning workload of installers in Germany choked growth and concerns over Brexit hit sales in the U.K.
Adjusted earnings before interest, taxes, amortization and depreciation decreased 7.1 percent to 216.1 million francs ($224.2 million) in the second quarter, Geberit said in a statement on Thursday. That missed the 229 million-franc average estimate of analysts surveyed by Bloomberg, even undershooting the lowest prediction.
“Despite healthy demand, growth potential in Germany is severely limited due to capacity constraints of installers,” Geberit said. “The situation in the U.K. remains uncertain as a result of Brexit.”
Overall, construction demand should remain positive this year, helped by a recovery in France and improvements in Spain and Portugal, Geberit said. While net sales were flat in Germany in the first six months of the year, they slumped 3.4 percent in the U.K. and Ireland.
Net sales fell by 3.8 percent to 732.2 million francs in the second quarter. They declined by 0.8 percent when adjusted for currency moves and other factors.
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