Industry - Tractor manufacturer Claas with a leap in turnover of over 6.1 billion
After a slump in profits in the previous year, agricultural machinery manufacturer Claas has reported a jump in turnover. The company, based in Harsewinkel in East Westphalia, generated a turnover of 6.1 billion euros in the 2022/2023 financial year, which ended in September, according to a statement on Wednesday. That is an increase of almost 25 percent. The company cited a relaxed supply chain situation following the coronavirus pandemic and a high order backlog that has now been processed as the reason for this.
Sales have improved significantly, particularly in North America and Europe, said CFO Henner Böttcher according to the press release. At the bottom line, the family-owned company made a profit of 347.1 million euros. In the same period of 2021/2022, the net profit was 88.1 million euros.
The company, which employs around 12,000 people worldwide, expects the market to be difficult in the current financial year. On the one hand, the order backlog is normalizing, while on the other, the economy in the core markets in Central and Western Europe and North America is weakening due to high inflation, according to the press release. Claas did not specify a sales target for 2023/2024.
Founded in 1913, the company claims to be the global market leader for self-propelled forage harvesters and the European market leader for combine harvesters.
PM Claas
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- Despite facing challenges in some markets, Claas KGaA, the renowned mechanical engineering company from Germany's East Westphalia, like Harsewinkel, has its roots deeply embedded in the agrarian sector and continues to thrive.
- The Coronavirus pandemic seems to have had a positive impact on Claas's operations, as the North Rhine-Westphalia-based company reported a significant leap in sales, surpassing 6.1 billion euros.
- In North America and Europe, the sales of the Claas Group, the global market leader for self-propelled forage harvesters and European market leader for combine harvesters, have shown a substantial uptick, contributing to the overall increase in turnover.
- The company's financial success can be attributed, in part, to the improvement in the supply chain situation post-Coronavirus and the efficient processing of a high order backlog.
- With the relaxation of supply chain issues and the processing of backlogs, Claas reported a net profit of 347.1 million euros, marking a significant improvement from the previous year's 88.1 million euros.
- Despite the positive momentum, Claas anticipates a challenging market in the current financial year due to factors such as high inflation and a weakening economy in its core markets, like Central and Western Europe and North America.
Source: www.stern.de
