13.07.2007

Demag Cranes lowers earnings forecast

Demag Cranes, the overhead crane manufacturer has lowered its earnings forecasts because of higher manufacturing costs and transport bottlenecks in the port technology sector.

Preliminary figures for the third quarter has lead to the adjustment of its final earnings figures. The company has lowered its earnings forecast for the current financial year due at the end of September.

This is due to manufacturing costs in the port technology segment associated with its new Generation five mobile harbour cranes.

In addition, transport bottlenecks has led to hold-ups in the delivery of manufactured cranes.

The forecast results are now as follows:
group sales: €1,040 million to €1,070 million (previous forecast €1,056 million to €1,086 million.

Adjusted Group EBITDA approx. €113 million (previously: €127 million to €132 million) Adjusted Group EBIT: approx. €93 million (previously: €105 million to €109 million)

The final figures for the third quarter of financial year 2006/2007
will be published on 9th August 2007.