Miba reports Q1 results and looks to USA and China for growth
June 5, 2013
Miba AG, one of Austria’s leading industry and technology corporations, has reported that despite the highly challenging market environment the group held its ground in the first quarter of 2013–2014. Consolidated sales in the first quarter (February 1 to April 30) equalled EUR 153.5 million, a decline of some EUR 7.4 million or 4.6% when compared to the first quarter of 2012–2013. EBIT was reported at EUR 17.8 million, a drop of EUR 2.4 million when compared to the previous year’s figure.
“Through our broad product portfolio for various end applications – like passenger vehicles, trucks, construction equipment, ships and aircraft – and our global network, we can reduce market risks and, fortunately, better compensate for downturns in individual industries,” stated Peter Mitterbauer, Chairman of the Management Board.
Despite the cautiously optimistic outlook of the International Monetary Fund which anticipates global economic growth of 3.3% in 2013, the development in Miba’s sales markets is difficult to predict in the medium term, the report stated.
Miba stated that it is not relying on further growth for the 2013–2014 business year as a whole, but is expecting noticeable recovery in the longer term particularly in the USA and China, where the company plans to invest more than EUR 30 million in additional production capacities at its China site over the next few years. In the USA, the Company is preparing for another major order from the North American construction equipment industry.
Investments are also planned for the sites in Austria, with a new input stock production line for bearings in Aurachkirchen.