Bauer has confirmed its earnings forecast for the full year despite announcing a fall in both sales and profits, compared to the same period in 2017, in its third quarter results due poorer performances in sectors.
The company recorded revenues of €1.23bn (£1.07bn) for the three months to 30 September, which is down 10.4% on the same period last year.
EBIT also dropped to €56.8M (£49.5M) from €66.4M (£57.8M) in 2017, however, positive currency affects meant that there was an improvement in earnings after tax with €13.1M (£11.4M) recorded this year compared to €6.9M (£6M) last year.
Bauer said that key figures for its construction segment are well below the levels of the previous year, which had been extremely positive due to major projects. The company has also reported a fall in order backlog but said that “it remains a good basis for the future”.
The equipment business was said to show a “very satisfactory development of earnings and margins” and is expected to continue until the end of the financial year.
Sales in the resources segment also fell 1.9% and reorganisation meant that the division reported a greater loss than previously with an EBIT loss of €7.8M (£6.8M).
Overall, Bauer has said that is satisfied with the development of the financial year so far, and the key earnings figures are as planned. The company has altered its forecast to achieve revenues of €1.7bn (£1.48bn) instead of €1.8bn (£1.57bn) but the forecast for EBIT remains at €90M (£78.5M).
“This result is a solid basis and underscores the positive trend of recent years, which we will now build on,” said Bauer chairman of the management board Michael Stomberg, who joined the business in September and is the first non-family member to lead the business. “The success story that has been written here in seven generations is more than impressive. By developing from a small mid-sized company to a global concern, it has managed to preserve the values and corporate culture that set the company apart. I see continuing this as one of my key tasks.”