Sauer-Danfoss Inc.
Sauer-Danfoss Inc. english
Sauer-Danfoss Inc. with strong first quarter 2003
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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Sauer-Danfoss Inc. with strong first quarter 2003:
Sales, earnings and cash flow increase for the fourth consecutive quarter
Chicago/Neumünster, April 30, 2003. In the first quarter 2003 Sauer-Danfoss Inc.
generated net sales of $300.4 million, an increase of 24 percent compared with
sales for the first quarter 2002 ($243,0 million). Excluding sales from
acquisitions and the impact of currency translation rate changes, sales
increased 9 percent. Net income: $10.2 million or $0.21 per share. This is an
increase of 50 percent over the prior year period ($6.8 million or $0,14 per
share).
Following the record cash flow from operations which Sauer-Danfoss generated for
the full year 2002 the operating cash flow of the specialist for mobile
hydraulic and electronic systems and components was again excellent in the first
quarter 2003. Compared with the same period last year ($2.4 million) the
operating cash flow increased by $13.1 million to $15.5 million. Sauer-Danfoss
invested $7.9 million for the first quarter 2003 (first quarter 2002: $6.0
million). The company continues to hold down capital expenditures. This enabled
Sauer-Danfoss to reduce the ratio of debt to total invested capital by 1
percentage point, to 44 percent, at the end of the quarter. This was achieved in
a quarter that has higher working capital needs from seasonally higher sales.
All operating segments contributed to the sales increase. Propel sales increased
10 percent, followed by Work Function with an 8 percent increase, and Controls
with a 7 percent increase over the same quarter 2002. Orders received for the
first quarter 2003 were $279.1 million, up 15 percent from the same period last
year. Total backlog at the end of the first quarter 2003 was $364.4 million
(plus 15 percent). David Anderson, President and CEO of Sauer-Danfoss Inc.,
commented, “We are very pleased with our results for the first quarter. It was
the fourth consecutive quarter in which we have reported year-over-year
improvement in sales and earnings.”
Sauer-Danfoss continues to see little change in the markets, with no clear signs
of an upturn. Therefore the company continues with tight control of expenses,
capital expenditures and working capital. The results of the first quarter 2003
reflect the success from these efforts. Sauer-Danfoss expects to get little
advance warning of an upturn, but has the capacity and flexibility to ensure
quick response as soon as the markets improve.
A conference call on the first quarter 2003 results will be held in English on
April 30, 2003 at 4:00 PM Frankfurt time. Please find further information on the
quarter results at http://www.sauer-danfoss-ir.com.
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.
Further Information: Sauer-Danfoss Inc. Investor Relations
John N. Langrick, Director of Finance Europe, Sauer-Danfoss Inc.,
Phone: +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.,
Phone: +49 4321-871-560, Fax: +49 4321-990-581, Krokamp 35, D-24539 Neumünster,
lvoelpel@sauer-danfoss.com
Grit Muschelknautz, Public Relations, HOSCHKE & CONSORTEN,
Phone: +49 40-369050-41, Fax: +49 40-369050-10, Deichstr. 29, D-20459 Hamburg,
g.muschelknautz@hoschke.de
end of message, (c)DGAP 30.04.2003
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WKN: 880208; ISIN: US8041371076; Index: SDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, München und Stuttgart
300745 Apr 03
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