SCHOPFLOCH, GERMANY -- Homag Group AG, a world leader in woodworking machinery manufacturing, reported continued financial gains in the third quarter, building on sales growth in the first half of the year.
Q3 sales revenue was up 26% to EUR 171 million (US $227 milliion) compared to the same period last year. Between July and September 2010, order intake climbed 27% to EUR 136 (US $180 million) compared to last year.
The company reported that China, India, Brazil and Russia accounted for more than 24% of new orders in the third quarter of 2010.
CEO Rolf Knoll said the good third quarter is a confirmation that “the current fiscal year has served to secure the recovery from the crisis.”
The Homag Group generated a slight net profit for the third quarter of 2010 EUR 0.3 million (US $0.4 million).
CFO Andreas Hermann said, “Within only a year, we have cut our net liabilities to banks very substantially from EUR 112 million to EUR 67 million as of September 30, 2010. Plus our cash flow has also significantly improved thanks to the continued optimization of our receivables management.”
Homag woodworking machines are exclusively distributed in the United States by Stiles Machinery Inc. of Grand Rapids, MI. Homag operates its owns distribution in Canada under the banner Homag Canada.
Read more about Homag's third quarter and nine-month financial statement.
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