GEA posts latest quarter results as pandemic-hit markets remain challenging
Equipment and systems business GEA has delivered its latest quarterly results, revealing despite an improving picture, its revenues stood at €1.07 billion, down 2.6% year-on-year against figures for the same period in 2020, writes Neill Barston.
The company noted an order intake performance of €1.28 billion, up for the third successive quarter, though down 6.9% compared with a record performance for the same period last year, as the business contends with ongoing pandemic conditions.
However, the firm also reported profits of €56.7 million for the first quarter, up by 90%, from 29.8% registered for the same point the previous year.
The company added that figures for organic revenue growth were also up 2.2% and EBITDA before restructuring expenses amounted to EUR 121 million in the first quarter, compared with EUR 105 million in the prior-year period.
“Despite the still challenging market environment due to the pandemic, we performed very well in the first quarter, paving the way for a successful fiscal year 2021,” said Stefan Klebert (pictured at a presentation last year), CEO of GEA Group AG. “Positive sales developments in customer industries such as Dairy Processing, Food and Pharma more than offset the declining developments in other industries – adjusted for currency and acquisition effects. GEA is clearly benefiting from its diversified portfolio and its strong service business.”
Following the record figure of the prior-year quarter – which was virtually untouched by the pandemic – order intake in the first quarter remained more or less stable, declining by 2.5 percent organically.