MUNICH (dpa-AFX) - Persistently weak demand for construction and agricultural machinery is making the supplier Wacker Neuson more pessimistic for 2024. The SDax-listed company announced on Wednesday afternoon that dealer inventories and uncertainty about the economic outlook are high. "Contrary to forecasts at the beginning of the year, market demand is not recovering as expected," the Group said. As a result, the company's management is now forecasting turnover of between 2.3 and 2.4 billion euros for 2024, instead of the previous forecast of 2.4 to 2.6 billion euros. Earnings before interest and taxes are expected to account for 6.0 to 7.0 percent of turnover. Previously, the target was 8.0 to 9.0 percent. Wacker Neuson shares slumped by more than three percent to a low since 2022.

Based on preliminary figures, the company generated sales of EUR 611.7 million in the second quarter - a drop of 12.5 percent compared to the same period last year. Preliminary earnings before interest and taxes fell by almost half to 46.9 million euros. This results in a margin of 7.7 percent. The Group plans to publish the final figures on August 13, 2024 /mis/men