Global supplier to the engine and automotive industry, Miba AG, headquartered in Laakirchen, Austria, has announced that first quarter sales 2011-2012 (February 1 to April 30) soared by 41.5% in comparison to the same period last year.
“Thanks to the positive development of our target markets and our orientation toward high technology, we are able to report tremendous growth in sales in the first quarter. The majority stems from the organic growth, but our new companies have also contributed to sales growth by a third already,” stated Peter Mitterbauer, Chairman of the Management Board of the Miba Group.
Sales across the group rose to €138.7 million for the period, however despite the rise in productivity, earnings before interest and taxes (EBIT) of €13.6 million was only slightly above the level reported in the previous year (€13.5 million). Increasing prices of energy and raw materials as well as currency translation losses had an effect on earnings in the first quarter stated the company.
Sinter Group leads the way
Miba Sinter Group accounted for the largest proportion of Group sales at 38%, followed by Miba Bearing Group with 32%. Miba Friction Group contributed approximately 20% to consolidated sales. Almost 10% came from the newly established New Technologies Group.
As of April 30, 2011, the level of orders reached a new peak level of €260.0 million, which is almost €40 million higher than the figure reported at the end of the past business year. “Miba is benefitting tremendously from the global upturn. For the business year as a whole, we anticipate consistently strong demand and corresponding full capacity utilization at all of our plants. The challenge is to take the short-term customer requests with a high degree of flexibility,” continued Mitterbauer.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]