Danfoss half-year sales up 50%23rd August 2022
DENMARK: Danfoss’ half-year sales grew 50% to €4.9bn in the first half of this year, boosted by last year’s acquisition of Eaton’s hydraulics business.
The acquisition added €1.1bn of the €1.6bn sales growth. Organic growth was up 13%.
Operating profit was up 27% with EBITA of €570m. The net profit of €289m was negatively impacted by the write-down of net assets related to its exit from the Russian market, which Danfoss announced in July.
Investments in R&D continued, up 38% from the first half of last year.
“Danfoss is transforming at full speed, and I am very pleased with the outstanding teamwork and strong performance of our teams around the world despite the challenging times. With the transformational half-year results, we are setting a strong foundation to deliver on our Core & Clear Strategy 2025, fuelled by bold investments for our long-term success,” commented president and CEO Kim Fausing.