MAN SE Cuts 2014 Profit Forecast on Europe, Brazil Sales
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MAN SE, Europe’s third-largest truck manufacturer, scaled back its 2014 earnings forecast as slowing economies in its home region and Brazil hurt sales and led to a 48 percent drop in third-quarter operating profit.
Earnings before interest and taxes will be “moderately” higher this year, Munich-based MAN said today in a statement. That compares with predictions in March of “significantly” rising operating profit. Third-quarter earnings on that basis fell to 82 million euros ($104.2 million) from 159 million euros a year earlier, while the value of new orders dropped 20 percent.