Danfoss half-year sales up 13%

DENMARK: Danfoss has reported robust growth in half-year sales, up 13% to €5,528m.

Organic growth was 8%, particularly driven by growth in the company’s Power Electronics and Drives segment. Growth from M&A was 6%. EBITA increased 20% to €686m with the margin reaching 12.4%.

Danfoss closed the acquisition of the German compressor manufacturer Bock on March 1.

Announcing the results, Danfoss CEO and president Kim Fausing said: “In particular, I would like to highlight our continued strong growth momentum in the Americas and India as well as in our Power Electronics and Drives segment.”

Looking forward, sales are expected to be in the range of €10.4bn-€11.9bn for the full year. The EBITA margin is expected to be in the range of 11.5%-13%.