Newsletter #170 (View other news stories)
Linde riding high on strong forklift sales: analysts
WIESBADEN, Germany
Wednesday, 11 Aug 2004
Forklift manufacturer Linde could announce gross earnings as high as EUR200 million (USD246.1 million) based on sales of EUR2.38 billion (USD2.8 billion) when the company reports its second-quarter results shortly, analysts speculated this week.
The company had benefited from strong sales in its forklift division, the improving world economy and a restructuring plan projected to slash annual costs by EUR150 million (USD184.6 million), an AFX International Focus report said.
The improved sales performance meant gross earnings could increase to between EUR162 million (USD199.4 million) and EUR196 million (USD241.2 million), a potential rise of 31.5% over the EUR149 million (USD183.4 million) reported in the second quarter of 2003.
Analysts estimated Linde's quarterly net profit at EUR55.7-73 million (USD68.5-89.8 million) - up 35.8-78% from the EUR41 million (USD50.5 million) reported in the corresponding period last year.
Analysts Dresdner Kleinwort Wasserstein said they expected the materials handling unit to benefit from a strong recovery in the European forklift market.
They anticipated Linde would announce a "more optimistic" outlook for the remainder of the year.
When the company announced first quarter results, it anticipated full-year sales and operating profit would increase 'slightly'.
Linde would not comment.
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