Wacker Neuson SE (WKRCF.PK), the German manufacturer of construction equipment and machinery, announced a significant decline in its half-year profit on Tuesday, driven by notable decreases in revenue across all regions.
For the first half of the fiscal year, profit dropped to €54.7 million, down from €126.0 million in the previous year. Correspondingly, earnings per share also fell, reaching €0.80 compared to last year's €1.85.
Earnings Before Interest and Taxes (EBIT) experienced a substantial decline of over 50 percent, amounting to €83.8 million. The EBIT margin also contracted to 7.0 percent from 12.9 percent, largely due to reduced volume.
The Group's total revenue for the period saw an 11.8 percent decrease, falling to €1.204 billion from €1.365 billion the previous year. Geographically, revenue in Europe dropped by 9.6 percent, while the Americas saw a 16.7 percent decline. The Asia-Pacific region experienced the steepest fall, with revenue plummeting by 31.4 percent.
Looking ahead to the full year 2024, Wacker Neuson projects revenue to fall between €2.30 billion and €2.40 billion, with an expected EBIT margin ranging from 6.0 to 7.0 percent.
