Consolidated revenue amounted to €460.0 million, which equates to a minimal reduction of only 0.4 percent compared to the first three quarters of 2012–2013. EBIT (earnings before interest and tax) amounted to€ 54.1 million and was thus also only slightly below the prior-year comparative (€54.2 million).
“Given the market conditions, which have been more difficult than in the prior-year comparative period, we can be really proud of this result,” said F Peter Mitterbauer, Miba’s chairman of the management board.
In the past few weeks the automotive industry, which contributes about 40% to Miba’s total revenue, has performed better than expected, especially in the USA. The company also benefitted from the continuing strong global demand for agricultural machinery, for which Miba manufactures engine bearings and friction materials. In addition, after a difficult 2013, the truck market, for example, is showing positive trends for the forthcoming year, especially in China.
While developments in some sales markets over the next few months continue to be difficult to predict, other sectors are showing signs of stabilizing as well as slight increases since the third quarter, which should also continue in the fourth quarter. Miba says that will be able to end the whole year (February 1 to January 31) at or around the level of the previous year. “In the medium and long term, most of our sales markets will continue to recover; in addition, we see enormous opportunities in the USA and China,” said Mitterbauer. “This is where we will profit from the general development of markets and also where we will further strengthen our existing market share.”
