Shares in Wacker Neuson, the German machine manufacturer, saw a significant rise on Thursday following the company’s report of impressive second-quarter growth and an upward revision of its 2023 guidance.
At 1245 GMT, shares surged by 8.45% to reach EUR23.75.
Wacker Neuson announced that its revenue jumped to 698.7 million euros ($777.6 million), marking a 27% increase compared to the same period last year. Furthermore, the company reported earnings before interest and taxes (EBIT) of EUR88.9 million, representing a substantial 84% rise. Notably, Wacker Neuson’s EBIT margin also experienced a notable increase from 8.2% to 12.7%. It is important to note that all figures are preliminary, as stated by the company.
With these positive results in mind, Wacker Neuson now anticipates its annual revenue to reach a range of EUR2.50 billion to EUR2.70 billion. This is an upward adjustment from the original target range of EUR2.3 billion to EUR2.5 billion. Additionally, the company expects its EBIT margin to be between 10% and 11% for the year, surpassing the previous target range of 9.5% to 10.5%.
“The revised forecast reflects the positive business development in the first half of 2023 and at the same time takes into account possible changes in the economic environment in the further course of the year,” commented Wacker Neuson.