DENMARK: Danfoss sales were €2.9bn in the first half of this year, 10% down on the same period last year.
The effects of Covid-19 also saw operating profit down 19% at €309m.
According to latest figures, all regions and most of Danfoss’ market segments were affected. Danfoss saw the largest negative impact on sales in April and May, followed by a periodic improvement towards the end of the second quarter.
On the positive side, Danfoss says there are signs that sales in Asia are stabilising, and China has regained its strength and was back with record sales in the second quarter. Across Europe, Danfoss is also seeing signs of improvement compared to the low level at the beginning of the second quarter. In contrast, sales in North America, Latin America and India continue to be hit hard by the effects of Covid-19.
“Even though we expect that the rest of 2020 will be impacted by the pandemic and that many markets will continue to be volatile, we expect a slow recovery,” said Danfoss president and CEO Kim Fausing.