Fri, Mar 15th 2024
A dip in net profit amidst higher sales, Hilti remains committed confident about expansion and their trajectory.
Despite higher sales, the construction equipment manufacturer Hilti generated lower bottom-line profits in 2023. There are still numerous uncertainties, but the Liechtenstein-based company is sticking to its growth plans for the current year.
Operating profit rose by 5.3% to 770 million Swiss francs, as Hilti announced on Friday. At the bottom line, however, net profit fell slightly by 0.9% to 560 million.
Back in January, the manufacturer of the famous red drills reported a 2.7% increase in sales to 6.5 billion Swiss francs – despite a massively negative currency effect that depressed sales by over 6%.
The new Nuron battery platform added 30 new batteries in 2023. Meanwhile, Hilti continued to focus on innovation and invested 454 million Swiss francs, almost 4% more in research and development than in the previous year. The number of employees rose by 5% to 34,111.
For the current 2024 financial year, Hilti is sticking to its January outlook and expects sales growth in local currencies in the mid-single-digit percentage range.
Ongoing geopolitical tensions and fluctuations on the financial markets are likely to lead to a further appreciation of the Swiss franc. Forecasts for the construction industry point to a further slowdown with negative real growth in several regions.
©Keystone/SDA
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