Wacker Construction Equipment AG is increasing its forecast for EBITDA for 2007 after the company’s sales reached a record €504.2 million (about U.S. $739 million) for the first nine months of 2007, up from €470.6 million a year ago. Discounting exchange rate fluctuations, the increase was about 10 percent.
Instead of a figure between €110 and €115 million, Wacker is now expecting at least €120 million in EBITDA, up from about €100.2 million last year. Wacker Construction is also raising its projected revenue figure, from between €655 and €670 million to at least €720 million for the current fiscal year.
“Business again progressed according to plan in the third quarter of 2007, reflected in particular by the improved distribution of sales across all regions,” said Dr. Georg Sick, CEO of Wacker Construction Equipment AG.
All three regions – the Americas, Asia and Europe – reported solid sales growth in the third quarter. Sales in Europe grew 7 percent during the third quarter to reach €106.6 million, up from €99.6 million in last year’s third quarter. Asia jumped 11 percent from €6.7 million to €7.5 million. The Americas grew 0.3 percent for the third quarter to €48.5 million.
Wacker meanwhile completed its merger with Neuson Kramer Baumaschinen. “The merger with NKB has created a major global player with a comprehensive portfolio of light and compact equipment,” Sick said. “The compact portfolio is at an early stage of the lifecycle. By synergizing this offering with our established global sales network, we will be able to extend many products already proven in Europe to other markets, and to the U.S. during the first half of 2008 in particular.”
NKB AG sales were up 24.8 percent for the third quarter and EBITDA increased 22.2 percent.
The executive and supervisory boards last week decided to open a new subsidiary in India.