Vossloh 9-month Operating Profit Rises; Sales Revenues Up 13.1%; Confirms Outlook

Vossloh (VOSSF.PK) said its profitability in the first nine months of 2021 improved significantly, on an operational basis, in part due to the company's extraordinarily strong performance in China. Looking forward, the company confirmed its raised forecast for 2021. Vossloh stated that it is in a position to noticeably improve operating profitability year on year. The Executive Board anticipates the orders received figure for 2021 to be similar to the anticipated sales revenues.

For the first nine months of 2021, net income was at 33.8 million euros, compared to 9.1 million euros, last year. Earnings per share was 1.30 euros compared to 0.45 euros. The company noted that its previous year's figure was impacted by losses from discontinued operations. Result from continuing operations declined to 34.1 million euros from 35.0 million euros. Earnings per share from continuing operations was 1.32 euros compared to 1.92 euros. EBIT was 62.2 million euros, a 14.0 percent year-on-year increase.

Group sales were 698.4 million euros, an increase of 13.1 percent over last year. The company said the increase was largely due to a 66.4 percent increase in sales revenues in the Fastening Systems business unit. Orders declined to 667.3 million euros from 717.8 million euros.

Third quarter EBIT declined to 19.8 million euros from 24.5 million euros, a year ago. Sales were up 5 percent to 235.8 million euros.

Vossloh projects sales revenues of between 900 million euros and 950 million euros in the current fiscal year. In terms of profitability, the company continues to forecast an EBITDA margin of 13 percent to 14 percent and an EBIT margin of 7 percent to 8 percent for fiscal 2021.

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