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Jungheinrich raises forecast for 2020

Thursday, 29 October 2020 ( #998 ) - Hamburg, Germany
Jungheinrich expects a slight increase in its marketshare in Europe
Jungheinrich expects a slight increase in its marketshare in Europe
In light of better market and business conditions than initially expected in the summer, Jungheinrich is raising its forecast for 2020. In the first half of 2020, Jungheinrich performed well, despite the tense market environment resulting from the global COVID-19 pandemic. In recent weeks, customer demand has been gradually picking up. Jungheinrich, therefore, expects revenue for the rest of 2020 to be higher than initially planned. The board of management assumes that the improved efficiency and cost-cutting measures initiated at an early stage and consistently implemented will continue to have a positive impact on earnings. For the full year 2020, the board is predicting incoming orders of between EUR3.5 billion and EUR3.7 billion (USD4.14 billion to USD4.37 billion) - up from the anticipated EUR3.4 billion to EUR3.6 billion (USD4.02 billion to USD4.25 billion). It is also expected that Jungheinrich will not report net debt at the end of the financial year, but will reach a net credit position of well over EUR50 million (USD59 million) - up from the previous forecast of a debt of a similar magnitude. Jungheinrich expects a slight increase in its marketshare in Europe from the 2019 financial year - 20.2%. The latest forecast is based on the assumption that the ongoing COVID-19 pandemic will not lead to further extensive lockdowns or plant closures before the end of the year and that the supply chains will remain largely intact to maintain production. Jungheinrich is expected to next update the market on 10 November 2020.

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