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DEUTZ AG: Adjustment of the guidance for 2021

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DEUTZ AG / Key word(s): Change in Forecast
DEUTZ AG: Adjustment of the guidance for 2021

19-Apr-2021 / 18:58 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Preliminary results show that DEUTZ has made a successful start to 2021 and it is adjusting its guidance for 2021 on the basis of the healthy level of new orders and the significant improvement in its earnings performance.

Based on current information, the Company now anticipates unit sales of 140,000 to 155,000 DEUTZ engines[1] (previously: at least 130,000), resulting in an increase in revenue to between €1.5 billion and €1.6 billion (previously: at least €1.4 billion). This is because of better than expected demand in all of the main application segments. Service revenue is still likely to account for around €400 million of the total revenue figure.

The Company now predicts that its EBIT margin before exceptional items will be in the range of 1.0 percent to 2.0 percent in 2021 (previously: at least break-even level).

According to preliminary figures, the DEUTZ Group received new orders totaling €464.8 million in the first quarter of 2021 (Q1/2020: €356.7 million). Unit sales of DEUTZ engines[1] rose to 32,249 engines (Q1/2020: 31,546). Including Torqeedo's electric drives for boats, the Group sold a total of 38,384 engines and motors (Q1/2020: 40,069). Consolidated revenue increased to €343.4 million (Q1/2020: €339.8 million).

EBIT before exceptional items improved to a profit of €0.8 million (Q1/2020: loss of €11.8 million), partly due to the increasingly noticeable effect of cost savings resulting from the restructuring that was initiated in 2020. The EBIT margin before exceptional items stood at 0.2 percent (Q1/2020: minus 3.5 percent).

The full quarterly statement for the first quarter of 2021, including the final results, will be published as scheduled on May 6, 2021.

 

Contact:
Christian Ludwig
SVP Communications & Investor Relations
Tel. +49 (0) 221 822-36 00
Fax: +49 (0) 221 822-15 36 00
E-Mail: christian.ludwig@deutz.com

19-Apr-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

DEUTZ AG

Ottostraße 1

51149 Köln (Porz-Eil)

Germany

Phone:

+49 (0)221 822 0

Fax:

+49 (0)221 822 3525

E-mail:

ir@deutz.com

Internet:

www.deutz.com

ISIN:

DE0006305006

WKN:

630500

Indices:

SDAX

Listed:

Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1186378


 

End of Announcement

DGAP News Service

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