MAN AG on Thursday reported a strong rise in first-quarter profits that met market expectations, and reportedly gave more specific earnings guidance for 2004.
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According to Reuters, truck maker MAN, which also makes printing machines and rocket booster components for the space industry, said pre-tax earnings swung to a profit of €32 million ($US38.03 million) from a loss of €31 million a year ago.
The industrial conglomerate reportedly said in a statement it was increasingly optimistic about full-year earnings following a string of robust monthly order intakes.
It also said the first-quarter performance, order intake in April and orders prompted by a printing trade fair had strengthened its conviction that MAN would achieve pre-tax profit of about €400 million this year, Reuters added.
It also reportedly forecast a “marked” improvement in sales and new orders for 2004 – the group had 2003 pre-tax profit of €261 million.
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By GlobalDataReuters noted that MAN chief executive Rudolf Rupprecht had previously predicted a considerable rise in earnings as the group increasingly benefits from its successful cost-cutting programme.
First-quarter earnings before interest and taxes (EBIT) jumped to €72 million from €12 million in 2003, while the company posted a net income of €21 million after reporting a loss of €19 million in the first quarter of the previous year, the report said.
According to a Reuters poll of 18 analysts, EBIT was forecasted at €70 million, pre-tax at €33 million and net at €20 million.
