Wacker Neuson SE (WKRCF.PK) a provider or light and compact equipment, Tuesday posted a decline in profit for the first quarter amidst dampened demand for its light and compact construction equipment due to a weak economic performance in Europe. The firm said special items also impacted earnings. The company however expects business to grow over the year and confirmed its annual goals.
For the quarter, the firm reported earnings before taxes of 9.3 million euros, down from 24.8 million euros reported last year.
Profit after tax was 6.4 million euros compared with 17.1 million euros posted during the corresponding period a year ago. Earnings per share were 0.09 euros versus 0.24 euros.
The company clocked revenue of 257.1 million euros, down from 274 million euros posted in the same quarter last year. Europe contributed 179.3 million euros, down from 194.9 million euros reported a year ago.
Looking forward, the firm sees revenue to rising to around 1.2 billion euros compared with 1.1 billion euros reported last year.
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