11.11.2014
Wacker Neuson SE DE000WACK012
DGAP-News: Wacker Neuson SE: Wacker Neuson remains on growth path
DGAP-News: Wacker Neuson SE / Key word(s): 9-month figures/Quarter
Results
Wacker Neuson SE: Wacker Neuson remains on growth path
11.11.2014 / 06:43
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Wacker Neuson remains on growth path
(Munich, November 11, 2014) The Wacker Neuson Group reported a significant
rise in revenue and profit for the third quarter of 2014. Sales of light
and compact equipment were driven primarily by an upturn in business in
North America and by the Group's broad sales platform in Europe. Reflecting
its firm commitment to continued internationalization, the Wacker Neuson
Group is planning its first production line for compact equipment in the
US.
Strong profit in third quarter of 2014
Group revenue for the third quarter of 2014 amounted to EUR 316.2 million,
an increase of 14 percent relative to the previous year (Q3 2013: EUR 276.3
million). "The fact that we have been able to deliver such strong results
in this uncertain and volatile climate is down to our unwavering commitment
to our growth strategy. Here we are focusing not only on diversifying our
target markets but also on extending our international reach," explains Cem
Peksaglam, CEO of Wacker Neuson SE. Numerous new product launches in 2014
also contributed to the Group's sustained market success. These include new
zero-emissions battery-powered rammers and a zero-emissions compact
electric wheel loader. "Our strict cost control measures and ongoing
efforts to improve and streamline processes across all lines of business
also bolstered our earnings performance," highlights Peksaglam. Profit
before interest, tax, depreciation and amortization (EBITDA) grew 34
percent to EUR 55.1 million, resulting in an EBITDA margin of 17.4 percent
(Q3 2013: EUR 41.2 million; 14.9 percent). At EUR 40.1 million, profit
before interest and tax (EBIT) rose 51 percent, which corresponds to an
EBIT margin of 12.7 percent (Q3 2013: EUR 26.5 million; 9.6 percent).
All regions contributed to revenue growth in the third quarter of 2014.
Europe reported a plus of 14 percent while the Americas and Asia-Pacific
both saw revenue rise by 16 percent. "The US construction industry is
clearly picking up," continues Peksaglam. "Demand is also rising among
industrial firms and the energy sector in North America. This had a
positive impact on the light equipment segment during the third quarter,
with revenue generated from equipment such as generators, heaters, light
towers and compaction equipment growing 12 percent relative to the
prior-year period. This positive trend is set to continue in North America.
Markets in South America, however, are likely to remain weak." The Americas
region currently accounts for 24 percent of Group revenue. In line with its
internationalization strategy, the Group plans to relocate the production
of skid steer loaders from its facility in the Austrian town of Hörsching
to its site in Menomonee Falls (near Milwaukee, Wisconsin). "In future, we
will be developing and producing skid steer loaders in North America as
this is the market in which we have identified the greatest sales
potential. The move aligns perfectly with our strategic principle of
manufacturing products 'in the region for the region'," elaborates
Peksaglam. This will be the first time that the Group has manufactured
compact equipment outside of Europe. The relocation will not result in any
layoffs in Hörsching, as the Group will be redeploying personnel and free
capacity at the site to other products.
Record figures for the first nine months of 2014
Revenue for the first nine months of 2014 increased 9 percent to EUR 936.2
million (9M 2013: EUR 862.4 million). This corresponds to a rise of 11
percent when adjusted to discount currency fluctuations. "Once again, our
compact equipment segment was a key revenue driver this year. Revenue from
this segment grew 17 percent in the first nine months of the year, and by
an impressive 25 percent in the third quarter. Our strategy to expand our
international footprint and diversify our target markets also boosted our
performance here," confirms Peksaglam. The light equipment segment, which
has a very broad global footprint, reported a rise in revenue of just 0.2
percent (4.2 percent when adjusted to discount currency fluctuations).
Business here was primarily impacted by a strong euro, although falling
demand in key markets also dampened segment performance. The EBITDA margin
rose to 15.8 percent (9M 2013: 12.9 percent) and the EBIT margin to 11.1
percent (9M 2013: 7.8 percent).
Revised earnings forecast
The Group's performance in October indicates that the positive trends in
the first nine months of 2014 are set to continue. In light of this
development, the Executive Board revised its profit forecast for 2014 as a
whole upwards on November 4. The Group now expects an EBITDA margin of
between 14.5 and 15.5 percent (previously between 13 and 14 percent; 2013:
13.2 percent) and an EBIT margin of between 10 and 11 percent (previously
between 8 and 9 percent; 2013: 8.2 percent). The revised forecast factors
in the dip in profitability typically associated with the fourth quarter.
The Executive Board confirms its previous Group revenue forecast for fiscal
2014, estimated between EUR 1.25 and 1.30 billion (2013: EUR 1.16 billion).
The company will be announcing its forecast for the coming fiscal year in
March 2015, following the publication of its figures for 2014.
Table: Revenue and earnings
Key figures in EUR Million_Q3/14_Q3/13_Change_9M/14_9M/13_Change
Revenue_316.2_276.3_14.4%_936.2_862,4_8.6%
Gross profit margin as a %_30.3_31.4_-1.1 PP_30.2_30.3_-0.1 PP
EBITDA_55.1_41.2_33.7%_148.1_110.9_33.5%
EBITDA margin as a %_17.4_14.9_2.5 PP_15.8_12.9_2.9 PP
EBIT_40.1_26.5_51.3%_103.5_66.9_54.8%
EBIT margin as a %_12.7_9.6_3.1 PP_11.1_7.8_3.3 PP
EBT_38.7_24.6_57.3%_99.0_61.4_61.3%
Profit for the period_26.5_16.9_56.8%_69.0_41.8_65.0%
Earnings per share in EUR_0.38_0.24_56.8%_0.98_0.60_65.0%
Your contact partner:
Wacker Neuson SE
Katrin Yvonne Neuffer
Head of Corporate Communication/
Investor Relations
Preussenstrasse 41
80809 Munich, Germany
Phone +49-(0)89-35402-173
[email protected]
www.wackerneuson.com
About Wacker Neuson: The Wacker Neuson Group is a leading manufacturer of
light and compact equipment with over 40 affiliates, 140 sales and service
stations and more than 12,000 sales and service partners across the globe.
The Group can trace its roots back to 1848. Wacker Neuson is the partner of
choice among professional users in construction, gardening, landscaping and
agriculture, as well as among municipal bodies and companies in industries
such as recycling and energy. It also offers a global spare parts service.
The Wacker Neuson Group includes the product brands Wacker Neuson, Kramer
and Weidemann. In 2013, the Group achieved revenue of EUR 1.16 billion and
employs over 4,200 people worldwide.
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Language: English
Company: Wacker Neuson SE
Preußenstr. 41
80809 München
Germany
Phone: +49 - (0)89 - 354 02 - 0
Fax: +49 - (0)89 - 354 02 - 390
E-mail: [email protected]
Internet: www.wackerneuson.com
ISIN: DE000WACK012
WKN: WACK01
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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