DEUTZ AG: DEUTZ refines full-year 2023 guidance after better than expected start into the year
DEUTZ AG / Key word(s): Quarter Results/Miscellaneous
DEUTZ reports a better than expected start into the new fiscal year. Based on preliminary results for the first quarter 2023 the Company was able to increase its new orders by over 3 % to €526 million (Q1 2022: €509.6 million). Consolidated revenue grew by 15.5 % to around €517 million (Q1 2022: €447.9 million). The preliminary figure for EBIT before exceptional items is approximately €32 million (Q1 2022: €15.8 million), which is well above the market expectation of €27.9 million. The EBIT margin before exceptional items comes in at 6.2 % (Q1 2022: 3.5 %) and is thus above the range of 4.0 to 5.0% forecast for the full year 2023. The significant increase in profitability is due to economies of scale, positive mix effects and market-oriented pricing.
DEUTZ is refining its guidance for 2023 on the basis of this business performance in the first quarter. The Company now expects that its results for 2023 will be at the upper end of the most recently issued forecast ranges. These ranges, published in March, were for unit sales of between 175,000 and 195,000 DEUTZ engines, a corresponding revenue increase of between €1.9 billion and €2.1 billion, and an adjusted EBIT margin of between 4.0 and 5.0 %. Free cash flow excl. M&A is expected to remain in the mid-double-digit millions of euros.
The full quarterly statement for the first quarter of 2023, including the final results, will be published as scheduled on May 4, 2023.
DEUTZ AG / Christian Ludwig / SVP Communications & Investor Relations
This ad hoc disclosure may contain certain forward-looking statements based on current assumptions and forecasts made by the DEUTZ management team. Various known and unknown risks, uncertainties, and other factors may lead to material differences between the actual results, the financial position, or the performance of the DEUTZ Group and the estimates and assessments set out here. These factors include those that DEUTZ has described in published reports, which are available at www.deutz.com. The Company does not undertake to update these forward-looking statements or to change them to reflect future events or developments.
 Excluding electric boat drives from DEUTZ subsidiary Torqeedo.
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