GEA continues on successful path
Order intake up 20% on prior-year quarter
In the third quarter of 2010, GEA Group Aktiengesellschaft’s order intake increased by 19.8 percent compared with the previous year to EUR 1,153 million (Q3 2009: EUR 962 million), which represents year-on-year growth of 8.4 percent in the first nine months. The Company continues to expect a rise of 7 to 10 percent for fiscal year 2010. Revenue in the third quarter was up by 5.6 percent as against Q2 2010 to EUR 1,125 million and by 6.0 percent compared with the prior-year quarter. Earnings before interest, tax, and restructuring expenses increased by 6.1 percent. As in Q3 2009, the EBIT margin adjusted for restructuring expenses amounted to 8.2 percent, up 150 basis points on Q2 2010.
“The year-on-year reduction in our working capital is particularly encouraging,” said Jürg Oleas, Chairman of the Executive Board of GEA Group Aktiengesellschaft. “This contributed to an improvement in our net debt, which declined by EUR 117 million as against the prior-year figure.” Commenting on market developments, Oleas added: “The positive trends from the second quarter continued in Q3. As a result, we are confirming our previous outlook for the fiscal year.”
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