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Duerr raises sales outlook on China, Homag purchase
November 3, 2015 / 6:53 AM / 2 years ago

Duerr raises sales outlook on China, Homag purchase

BERLIN (Reuters) - Germany’s Duerr raised its sales outlook for 2015 after posting forecast-beating results in the third quarter on strong demand from China and business earned from acquiring woodworking specialist Homag group.

The industrial systems and automotive supplier now expects sales of 3.6-3.7 billion euros, compared with a previous target of 3.4-3.5 billion, it said on Tuesday.

Nearly a billion euros of full-year sales will be contributed by Homag which Duerr has consolidated in its results since October 2014.

New orders may total 3.4-3.5 billion euros this year, the company said, citing a strong intake from China in the July-September period. Duerr also said it expects the EBIT margin to come in roughly in the middle of its 7.0-7.5 percent target range, after 8.6 percent last year.

Duerr has been investing in bolt-on acquisitions to diversify beyond its core business of supplying production systems for the automotive industry and also to tap into growing demand for technologies such as gluing, filling and energy efficiency.

The company reported a 35 percent increase in third-quarter EBIT to 81.8 million euros, beating a 76.3 million-euro consensus forecast in a Reuters poll of analysts.Sales surged 70 percent to 988.2 million euros, exceeding a Reuters forecast of 901 million.

Reporting by Andreas Cremer; Editing by Kirsti Knolle and Miral Fahmy

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