DENMARK: Danfoss has reported increased sales of 9% to €3,041m for the first half of 2018.
Earnings improved by 21% to €370m and the net profit improved by 27% to €253m. Danfoss says the improvement in earnings was driven by the higher top line and the gain from the sale of its Thermia heat pump business in April.
China, in particular, is said to have stood out with significant growth driven by increasing demand for climate-friendly and energy-efficient solutions, such as large heat pumps and the expansion of district heating systems. Danfoss says it is also experiencing a continued strong demand on the two largest markets, North America and Europe.
The high sales growth was generated across the Danfoss business segments, but particularly Danfoss Power Solutions.
The performance of Danfoss Cooling varied across the product categories and regions, with the highest growth rates in Asia-Pacific and Western Europe.