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Demag Cranes Reports 12-Percent 2Q Revenue Increase

The Demag Cranes Group sustained its upward trend in the second quarter of financial year 2010/2011, reporting order intake of €277.9 million (about U.S. $411.7 million) during the second quarter, a 28.8-percent improvement from €215.7 million in the previous year’s second quarter.

Order intake in the first half totaled €561.9 million (U.S. $832.4 million), a 40.4-percent increase from €400.2 million in the same period a year ago.

“Our business performance has been very positive in the first two quarters of the financial year and has encouraged us to be optimistic,” said Aloysius Rauen, Demag Cranes AG CEO. “We have raised our guidance figures in the current financial year for revenue accordingly.”

At segment level, order intake in the Industrial Cranes segment rose sharply by 39.5 percent to €131.0 million (U.S. $194.2 million) year on year. The Industrial Cranes segment order book stood at €232.5 million (U.S. $344.4 million) at March 31, a 33.8-percent increase from €173.7 million in the year-ago period.

The Demag Cranes Group generated €254.6 million (U.S. $377.1 million) in revenue in the second quarter, a 12-percent improvement from € 227.4 million in the second quarter a year ago. Revenue for the first six months was €485.8 million (U.S. $719.6 million), up 11.4 percent from €436.0 on the comparative period of the previous financial year.

In the Industrial Cranes segment, second-quarter revenue of €108.8 million (U.S. $161.2 million) was slightly up on the previous year’s €108.2 million quarterly earnings. On a six-month basis, the Industrial Cranes segment reported €211.5 million (U.S. $313.3 million), a slight decrease from €214.7 million in the same period a year ago.

Considering the positive economic outlook for the current and following financial years, the company anticipates significant ongoing growth. It is raising its guidance figures for full-year 2010/2011 to the range of €1.02 billion to €1.05 billion from its previous guidance of €970 million to €1.0 billion.

The company also announced this week the intention of Terex Industrial Holding AG, a subsidiary of Terex Corp., Westport, Conn., to submit a public tender offer of €41.75 per share to the shareholders of Demag Cranes AG.

Headquartered in Düsseldorf, Germany, The Demag Cranes Group is a leading supplier of industrial cranes and crane components, harbor cranes and terminal automation technology.

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