Wacker Neuson Q2 2012 profits fall by 38%
First publishedon www.WorldHighways.com
German light and compact equipment manufacturer, Wacker Neuson, saw its second-quarter 2012 profit fall 38% to €13.8 million, down from €22.5 million in Q2 2011.
The Munich-based firm’s quarterly earnings per share dropped 37.5% to 0.20 euros from last year's 0.32 euros.
On a more positive note the company’s revenue in Q2 2012 quarter rose 6.5% percent to €284.2 million, from €266.9 million euros in the prior-year quarter.
For 2012, the Group now expects the EBITDA margin to level out between 13 and 15%, compared with its earlier prediction of at least 15%.
In addition, the Group continues to expect double-digit revenue growth for 2012 as a whole despite signs pointing to a slowdown in demand in Europe for the second half of the year. The Group has reaffirmed its revenue forecast of nearly €1.1 billion for 2012.
“Demand in the European construction and agricultural industries slowed during the second quarter, which inevitably dampened revenue growth for this region,” said Cem Peksaglam, chief executive of Wacker Neuson. “By contrast, strong light and compact equipment sales in the Americas pushed revenue in this region up 23 per cent on the previous year’s quarter – a result that significantly exceeded our expectations. This development confirms that a broader international footprint enables us to absorb economic fluctuations more effectively.”