Homag posts 13% Q1 sales increaseSCHOPFLOCH, GERMANY --

  Homag Group AG, a manufacturer of woodworking equipment, said its order intake climbed 13% in the first quarter compared to the same time frame in 2010.

Homag said it booked EUR 187.8 million ($267.4 million) worth of equipment sales in the first quarter of its 2011 fiscal year. The company, represented by Stiles Machinery of Grand Rapids, MI, in the United States and Homag Canada of Mississauga, ON, in Canada, also reported that its order backlog climbed 9 percent to EUR 218.5 million ($310.8 million) as of March 31.

Homag's management board said it anticipates sales revenue to rise compared to the first three months of the year based on the speed at which the order backlog rose again at the end of March. The results of operations are likewise expected to improve further in the current quarter despite an extraordinary burden on earnings from the project to restructure the subsidiary Buetfering sanding division and the cost of participating in the Ligna trade fair. 

Posted by Rich Christianson

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