Duerr sails past European car market maelstrom
STUTTGART (Reuters) - The crisis among Europe's carmakers has not made a dent in the business outlook for German systems supplier Duerr, whose chief executive is confident revenue will continue to grow next year despite sagging vehicle sales.
"Mathematically we have more than a year's worth of revenue in our order books, so we have 2013 locked away," Chief Executive Ralf Dieter told Reuters in an interview.
The supplier of equipment for paintshops found in car manufacturing plants, plans to increase its annual turnover by 5-10 percent on average.
"Our explicit target is to maintain an operating profit margin of at least 6 percent in the coming years," Dieter added.
Car markets in major Western European countries like Spain and Italy may be at lows not seen in many years, but Duerr's business is not suffering for it.
Duerr expects sales to rise to 2.3 billion euros ($2.97 billion) this year after 1.9 billion in the previous one.
Dieter said net profit this year could rise by about half to nearly 100 million euros, and reaffirmed management's plan to distribute 30-40 percent of that back to shareholders in the form of a dividend. ($1 = 0.7748 euros)
(Reporting By Hendrik Sackmann, writing by Christiaan Hetzner)
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