Sauer-Danfoss Inc.
Sauer-Danfoss updates earnings outlook for 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Sauer-Danfoss updates earnings outlook for 2003
Chicago/Neumünster, January 28, 2004. Sauer-Danfoss Inc. expects fourth quarter
2003 net sales of approximately $263.0 million (fourth quarter 2002: $221,2) and
a net loss in the range of $9.0 million to $11.0 million, or $0.19 to $0.23 per
share (same period last year: -$1.7 million, or -$0.03 per share). The results
are reflective of restructuring costs, one-time write-offs and field recall
costs accumulating to about $0.15 per share. A loss of margin related to the
weaker US dollar added another $0.03 per share. For the full-year 2003, net
sales are expected in excess of $1.1 billion (2002: $952.3). Full-year 2003 net
income is expected to be $8.0 million to $10.0 million, or $0.17 to $0.21 per
share (2002: $14.0 million, or $0.29 per share).
For the full year, earnings are impacted by restructuring and one-time charges
accumulating to about $0.17, of which more than $0.10 were from costs with no
cash effect. Taking these out along with the special charges from the field
recall issues of about $0.10, the normal operating annual earnings should come
in at or above $0.40 per share, in line with the range of earnings guidance
given earlier in the year. The cash flow from operations is expected to come
within $10.0 million of the record performance in the full prior year, when
Sauer-Danfoss generated almost $100.0 million.
Due to the recent restructuring Sauer-Danfoss is well prepared for the full year
2004 and is expecting to grow the business and its market share in a market
expected to expand strongly.
end of ad-hoc-announcement (c)DGAP 28.01.2004
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Sauer-Danfoss will formally report fourth quarter 2003 results after the close
of markets at the New York Stock Exchange on February 18, 2004. A conference
call on the 2003 results will be held on February 19, at 4:00 PM (MEZ) time.
All statements regarding future performance, growth, sales and earnings
projections, conditions or developments are forward-looking statements. These
statements are based on current financial and economic conditions and rely
heavily on the Company’s interpretations of what it considers key economic
assumptions.
John N. Langrick, Director of Finance Europe, Sauer-Danfoss Inc.,
Tel.: +49 4321-871-190, Fax: +49 4321-871-121, Krokamp 35, D-24539 Neumünster,
jlangrick@sauer-danfoss.com
Linda Völpel, Investor Relations Specialist, Sauer-Danfoss Inc.,
Tel.: +49 4321-871-560, Fax: +49 4321-990-581, Krokamp 35, D-24539 Neumünster,
lvoelpel@sauer-danfoss.com
Grit Muschelknautz, Public Relations, HOSCHKE & CONSORTEN,
Tel.: +49 40-369050-41, Fax: +49 40-369050-10, Deichstr. 29, D-20459 Hamburg,
g.muschelknautz@hoschke.de
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WKN: 880208; ISIN: US8041371076; Index:
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, München und Stuttgart
282248 Jän 04
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