Wacker Neuson said revenue for the first quarter was up 5.6 percent over the same period in 2020, to about $529 million.
Earnings with profit before interest and tax (EBIT) jumped 50 percent to about $53 million, with the EBIT margin increasing from 7 percent to 10 percent.
“The first quarter got the year off to an exceptionally successful start for us,” said Kurt Helletzgruber, CEO/CFO, in a prepared statement. “We are back on our growth path with a sharp rise in profitability too. Our strong performance over these first three months gives us an excellent foundation for achieving our goals for the year. At the same time, demand for our products continues to develop dynamically.”
Revenue in the Americas region amounted to about $83 million in the first quarter, up 11.2 percent over the previous year, although the company said it fell 4.3 percent when adjusted for currency effects
Orders grew in the first quarter with the trend continuing into the start of the second quarter, according to the company, tempered by supply chain concerns.
“Supply chains are currently the largest area of concern for us,” said Helletzgruber. “Demand from the market is high and topical issues such as pandemic-related restrictions and the blockage of the Suez Canal are resulting in recurring bottlenecks. We have to be extremely flexible with production to ensure we don't miss out on any manufacturing slots.”
Taking the current economic climate as well as the opportunities and risks facing the Wacker Neuson Group into account, the Executive Board foresees no change to its guidance for fiscal 2021, according to the company.
Source: Wacker Neuson
