First quarter 2012: Danfoss opens the year as expected
15 May 2012
”In line with our expectations, the first quarter showed more moderate growth rates. In our core businesses, we maintained the strong 2011 net sales level and significantly improved our cash flow, thus strengthening our ability to finance our development going forward. This is most positive and is attributable to our climate and energy solutions, where Russia in particular has delivered high growth rates and Germany and the USA have exceeded expectations.
Our earnings level remains at the high end of the Group’s performance, historically speaking, which is satisfactory. As expected, earnings showed a minor decline, which we expect to be offset during the year as investments and cost control measures take full effect.
We therefore maintain our overall expectations for 2012 where vigilance and tight cost control will continue to be crucial elements due to the increasing uncertainties that continue to characterize the global economy. “
Niels B. Christiansen
President and CEO