Profit doubles at Wacker Neuson

German manufacturer Wacker Neuson has reported double digit growth in the first quarter, and confirmed its forecast for 2012.

In a healthy start to the year, revenue for the group increased 29.3% in the first quarter to reach €274 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 49.6% to €38.8 million. Profit came in at €17.1 million, almost double that for the first three months of 2011.

Wacker Neuson CEO Cem Peksaglam said, "The compact equipment segment and the Americas region were our two strongest growth drivers, reporting revenue gains of 51% and 34% respectively relative to the previous year's quarter."

The company continued to see strong growth from its domestic market, and from Europe in general, with a 29% year-on-year increase in revenue from Europe during the period.

The manufacturer is also targeting the emerging markets of South America, Eastern Europe and Asia. Wacker Neuson said it would introduce a range of light equipment products to the Asia Pacific market.

Wacker Neuson also reaffirmed its forecast for 2012, predicting revenue of €1.1 billion, representing a 11% increase on 2011 figures.