Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Vacon Q1 Pre-tax Profit Down - Quick Facts

Vacon (VCNYF.PK) reported that its first-quarter profit before taxes decreased to 6.0 million euros from 6.2 million euros in the same quarter last year. Earnings per share for the quarter declined to 0.25 euros from last year's 0.29 euros.

Revenues for the quarter totalled 91.3 million euros, a growth of 8.5 % from the corresponding period in the previous year's 84.2 million euros.

The company said that there were no signs of growth in the AC drive market in the first-quarter. But it expects the market to pick up towards the end of the year. The company still estimates that the global AC drive market will grow much faster than average growth in industrial production, at an estimated rate of 5-10 % in 2013.

The company said it has retained the market guidelines it published earlier and estimates that its revenues will increase 5% - 15% and that its operating profit percentage excluding one-time items will be 10% - 12% in 2013.

The company said its goal is to achieve revenues of 500 million euros in 2014. Its profitability target for 2014 is an operating profit of 14%, and for return on equity the target is more than 30%.

Click here to receive FREE breaking news email alerts for Vacon and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks have given back some ground over the course of the trading day on Wednesday after failing to sustain an early upward move. The choppy trading reflects uncertainty ahead of a highly anticipated announcement from the Federal Reserve. After reporting a notable contraction in U.S. economic activity in the first quarter, the Commerce Department released a report on Wednesday showing that gross domestic product rebounded by more than anticipated in the second quarter. Employment in the U.S. private sector continued to see notable growth in the month of July, according to a report released by payroll processor ADP on Wednesday, although the pace of job growth came in below economist estimates.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.