Sauer-Danfoss Inc.
Sauer-Danfoss Inc. english
Sauer-Danfoss Inc. reports strong second quarter 2002 results
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Sauer-Danfoss Inc. reports strong second quarter 2002 results
Neumünster, July 24, 2002. In the second quarter 2002, Sauer-Danfoss Inc.
generated net sales of US $264.1 million, an increase of 19 percent compared
with sales for the second quarter 2001 of $221.6 million. Net income for the
second quarter 2002 was $9.4 million, or $0.20 per share, compared to a net
income for the second quarter 2001 of $4.2 million, or $0.09 per share. The cash
flow provided from operations was $50.6 million (same period 2001: $22.7
million).
On a comparable basis, excluding sales from acquisitions completed in 2002 and
currency impact, European net sales were up 4 percent and net sales in the
Americas were up 9 percent compared to the prior year. Asia-Pacific net sales
were down 7 percent. The sales to OEM’s (Original Equipment Manufacturers)
developed well and were up 13 percent over the second quarter of last year.
In the Propel segment, Sauer-Danfoss generated product sales of $126.0 million
for the second quarter 2002 (same period last year: $105.7 million). Propel
segment income from operations for the second quarter 2002 was $17.7 million
(same period last year: $10.6 million). In the Work Function segment, Sauer-
Danfoss generated product sales of $77.3 million for the second quarter 2002
(same period last year: $66.9 million). Work Function segment income from
operations for the second quarter 2002 was $8.3 million (same period last year:
$5.0 million). In the Controls segment second quarter 2002 product sales were
$60.9 million (same period last year: $48.9 million). Segment income from
operations for the second quarter 2002 was $3.5 million (same period last year:
$1.3 million).
Total backlog at the end of the second quarter 2002 was $341.9 million (same
period last year: $284,6 million). Orders received for the second quarter 2002
were $259.1 million (same period last year: $185,2 million). “We are keeping a
very close watch on the market as the order rates often fluctuate considerably
from quarter to quarter,” commented David Anderson, President and CEO of Sauer-
Danfoss. The result of the second quarter 2002 reflects the upturn in the
markets Sauer-Danfoss serves. Furthermore, the company has been able to reduce
costs. In the first six months of the year, the fixed costs declined by
approximately $7.0 million, or 5 percent as compared to the first six months of
2001.
Also in the second quarter 2002 Sauer-Danfoss progressed its growth strategy and
complemented its portfolio: In April 2002, the company completed the
acquisition of Thrige Electric’s “Low Voltage Motors” business division and the
acquisition of Schwarzmüller GmbH.
“The upturn in sales, orders, and backlog are the first strong positive signs we
have seen in over a year,” stated David Anderson. “Based on our strong results
in the first half of the year, we expect to generate earnings of $0.40 to $0.55
per share for the full year.”
Key figures (unaudited)
(Million USD) Second Quarter 2002 Second Quarter 2001
Sales and income
Net sales 264.1 221.6
Propel 126.0 105.8
Work Function 77.3 66.9
Controls 60.9 48.9
Segment income (loss)
Propel 17.7 10.6
Work Function 8.3 5.0
Controls 3.5 1.3
Global Services and
Other Expenses, net (7.4) (3.7)
Income bef. income taxes 14.1 6.8
Net income 9.4 4.2
Share
Basic and diluted net
income per common share 0.20 0.09
Cash dividends per
common share (USD) 0.07 0.07
(Million USD) June 30, 2002 December 31, 2001
Balance
Total assets 967.5 885.0
Stockholder’s equity 366.7 347.2
Total current assets 372.0 313.6
Property, plant and
equipment, net 426.0 423.2
Total current liabilities 194.3 169.8
(Million USD) Second Quarter 2002 Second Quarter 2001
Net cash provided by
operating activities 50.6 22.7
A conference call on the second quarter 2002 results will be held on July 25,
2002, at 4:00 PM Frankfurt time.
Further information: John N. Langrick, Director of Finance Europe, Sauer-Danfoss
Inc., Krokamp 35, D-24539 Neumünster, Tel.: +49 4321-871-190, jlangrick@sauer-
danfoss.com, Andrea Wittmann, Manager Communications, Sauer-Danfoss Inc.,
Krokamp 35, D-24539 Neumünster, Tel.: +49 4321-871-212, awittmann@sauer-
danfoss.com, Grit Muschelknautz, Public Relations, Hoschke & Consorten,
Deichstr. 29, D-20459 Hamburg, Tel.: +49 40-369050-41,
g.muschelknautz@hoschke.de
end of message, (c)DGAP 24.07.2002
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WKN: 880208; ISIN: US8041371076; Index:
Listed: Amtlicher Markt in Frankfurt (SMAX); Freiverkehr in Berlin, Düsseldorf,
Hamburg, München, Stuttgart
242349 Jul 02
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