Carraro Drive Tech SpA engages in the design, production, and marketing of integrated power transmission systems for off- and on-highway vehicles. The company offers monolithic and modular, rigid and steering, and suspension and traditional axles; engine and hydrostatic connected mechanical, semi-automatic, and automatic transmissions; planetary, epicycloidal, hydraulic, and slew drives; and electric powertrains for use in agricultural, construction, mining, wind energy, and material handling equipment. Its products target a range of applications from construction equipment to agricultural tractors and light commercial vehicles to trucks and stationary applications. Carraro Drive also provid...
Via Olmo, 37
Campodarsego, PD 35011
Founded in 2008
Carraro Drive Tech Reports Earnings Results for the Year Ended December 31, 2014
Feb 10 15
Carraro Drive Tech reported earnings results for the year ended December 31, 2014. For the period, the company achieved a total turnover of EUR 610.5 million in 2014, down 14.6% from EUR 714.7 million in 2013, with foreign currency translations having an unfavourable impact of approximately EUR 8.4 million. Excluding the effects of the sale of the Mini Gears business unit, the decrease would be 9.1%. Demand remained weak throughout 2014, constantly below prior year levels. While the material handling segment reported slightly higher volumes compared to 2013, the performance of the agricultural, construction equipment, construction and automotive markets was well below that of the previous year. In terms of profitability, EBITDA amounted to EUR 49.2 million compared to EUR 61.7 million in 2013, accounting for 8.1% of sales as at December 31, 2014 compared to 8.6% as at December 31, 2013, a decline of 20.7%. Excluding non-recurring costs for the reorganization process and excluding Mini Gears, adjusted EBITDA in 2014 would amount to EUR 49.3 million (8.4% of sales) compared to EUR 53.1 million (8.2% of sales); this slight increase reflects the company's ability to control the major economic factors despite the significant contraction in sales. EBIT came to EUR 28.8 million (4.7% of sales), down 22.7% compared to EUR 37.2 million as at December 31, 2013 (5.2% of sales). Excluding non-recurring costs for the reorganization process and excluding Mini Gears, adjusted EBIT in 2014 would amount to EUR 30.6 million (5.2% of sales) compared to EUR 34.8 million (5.4% of sales), in line in percentage terms with the prior year.