A strong final quarter of 2010 saw Wacker Neuson exceed its targets for the year, with revenues up 27% to €757.9 million and EBITDA profits almost three times higher at €77.8 million.
The final quarter of the year played a significant part in the results, with revenues jumping by 34% to €206.3 million.
The Munich-based company said business improved in all product segments fuelled by an improvement in the general economic climate in the US and Europe, which led to increased demand for light and compact equipment. Wacker did not provide details of which geographical areas performed the best.
The comoany said it expected at least a 15% increase in revenues in 2011 and also an improvement in profit margins. The EBITDA margin in 2010 was 10.3% and Wacker said it expected this to rise to 12% in 2011. The 2009 margin was under 5%.
This year has started well for the compact equipment segment, with an order backlog three and a half times more than the same time last year.
Wacker will also benefit in 2011 from sales of mini excavators to Caterpillar as part of the manufacturing alliance between the two announced last year.
The company publishes its complete annual report on March 24, 2011.
Source: International Rental News