MAN AG has reported a 67% rise in first-quarter operating profit on Tuesday, driven by strong demand at its core truck division, and forecast further solid earnings, according to Reuters.
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Operating earnings reportedly climbed to €105 million ($US134.8 million), in line with a market forecast of €103 million, while its operating margin improved to 3.3% from 2.2% a year earlier.
Reuters noted that MAN expected a substantial improvement in operating profit that would considerably outpace expected sales growth of more than 5%.
The news agency said first-quarter results were boosted by a significant improvement at MAN’s commercial vehicles unit, where operating profit nearly doubled to €62 million.
“This improvement was largely due to increasing capacity utilisation and higher sales, coupled with the impact of rationalisation measures,” MAN reportedly said in the quarterly report.
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By GlobalDataAccording to Reuters, the group said it expected a marked improvement in the division’s full-year operating profit and forecast moderate growth in demand for trucks in its key European market, soothing fears it might report a slowdown.
