Wacker Neuson Group posted record results for 2014 across most key performance indicators, the Munich-based manufacturer reported. Group revenue increased 11 percent to a new record high of €1.28 billion (about U.S. $1.356 billion), compared to €1.16 billion a year ago. The results were in line with the company’s forecast of €1.25 to €1.30 billion worth of revenue. Adjusted for currency effects, the results correspond to a growth of 12 percent, the company said.

Business was robust in Central Europe and North America, although South America was weaker than expected.

“In North America, a vigorous economy and the expansion of our dealer network helped drive growth in the region,” said Cem Peksaglam, Wacker Neuson CEO.

Overall revenue in the Americas grew 9 percent, while the Asia-Pacific region grew 9 percent. All regions achieved double-digit year-over-year growth in local currencies.

Compact equipment was again the growth driver for Wacker Neuson totaling 47 percent of group revenue and reporting a 17-percent increase compared to 2013.

“Broadening the reach of our compact equipment within Europe and beyond is paying dividends,” said Peksaglam. “We are gaining many new users in the agricultural and construction sectors. Companies in the gardening and landscaping sectors as well as municipal bodies and other industries are also investing in compact powerful machines which increase the efficiencies of their operations.”

The light equipment segment, which accounts for 32 percent of Wacker Neuson’s revenue, reported 4-percent year-over-year growth. Service revenues jumped 10 percent. EBITDA was €196 million, a 28-percent year-over-year climb.

In line with the principles of developing and manufacturing products “in the region for the region,” the group relocated production of skid-steer loaders from its Austrian plant in Hörsching to an existing plant in the Milwaukee area. The move will facilitate Wacker Neuson’s ability to focus on the North American market.

“Our long-term goal is to increase the revenue we generate outside of Europe from the current level of 29 percent to around 40 percent,” added Peksaglam.

Wacker Neuson also developed in the environmental arena with battery-powered rammers, electric wheel loaders and dual-power excavators.

The company is optimistic about its expansion strategy for 2015 and expects to grow between 9 and 13 percent in revenue in 2015, despite challenging conditions in diverse markets such as Russia, China and Brazil.

“The outlook for Central Europe and North America is promising,” Peksaglam said.