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Deutz Improves Revenue and Profitability in First Half of 2008

The Deutz Group increased its revenue and unit sales in the first six months of 2008 by 15 percent compared with the same period for 2007, with volume of €825.5 million (about U.S. $1.23 billion) compared to €717.7 million for the year-ago period. Deutz said the revenue growth results from strong performance in Europe and continued growth in Asia.

The level of new orders for the first half of 2008 fell short of the total for the first six months of 2007. Deutz won new orders worth €829.1 million during the period, compared with €834.4 million in the first half of 2007. Although the growth in new orders slowed overall in the second quarter of 2008 as a result of deteriorating economic outlook, the service business did well, growing by about 10 percent.

During the first half of 2008, Deutz increased capital expenditures, increasing production capacities at its plant in Cologne, Germany, ramping up the manufacture of components in Zafra, Spain, and expanding Deutz’ Xchange business in southern Germany and the United States.

Deutz expects to generate revenue growth of about 5 percent in 2008. Allowing for a softer revenue forecast and the rising costs of materials, Deutz expects a 2008 EBIT margin of about 6 percent.

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