German company says it will enter Q4 with high levels of order in hand
Bauer has reaffirmed its forecasted revenue and earnings for the current financial year and will enter the fourth quarter with high levels of orders in hand, the company said on Wednesday.
Total group revenues of the international construction and machinery manufacturing arm were $1.35bn, up 5.4% from the previous year’s $1.28bn. Orders in hand increased by 4.7% to $986.9mn, which was a healthy rise compared to previous years.
However, EBIT fell in the reporting period to $57.5mn from $65.5mn. At the end of September, the Bauer Group posted an after-tax profit of $7.8mn as compared to the $18mn posted in 2011.
Approximately $9.5mn, in respect to expected particular losses from major projects in the Construction and Resources segments were taken into account, the company said. Excluding these extraordinary effects, the net profit for the period was approximately $17.1mn.
Bauer said that the full year forecast contained in its half year interim report, which predicted total group revenues of $1.84bn and after-tax profit of between $31mn and $38mn.
It added that it expected growth in its construction and resources division, and a decline in its equipment segment.
Total group revenues in the equipment segment in the first nine months of the year fell by 5.2% to $566mn (previous year $596mn).The general uncertainty in a number of markets significantly weakened sales performances in the equipment segment.
The company said that it had sold fewer machines in China, the Middle East and in some European countries.