DEUTZ AG Reports Record Earnings for 2023 and Provides Optimistic Outlook

DEUTZ AG, a leading drive manufacturer, announced a significant revenue increase of 7.8% to €2.1 billion for the year 2023, achieving its highest earnings to date. The company's adjusted group earnings experienced a remarkable rise of 34.7%, reaching €120.4 million. DEUTZ also reported that earnings from continued operations soared by 38.7% to €143.6 million.

The company attributes its success to the implementation of the Dual+ strategy, focusing on clean combustion engines, green technologies, and the expansion of its global service business. DEUTZ's CEO, Dr. Sebastian C. Schulte, emphasized the strategy's effectiveness, pointing out the company's achievement in meeting its upgraded guidance during the year.

DEUTZ also highlighted its strong growth in the classic combustion engines market, selling nearly 187,000 diesel engines and advancing its global position through strategic acquisitions and partnerships. Additionally, DEUTZ's first series order for a hydrogen engine underscores its commitment to a climate-neutral product portfolio.

The company's service business expanded significantly, with revenue increasing to €484 million, thanks to strategic acquisitions and the development of smart service solutions. DEUTZ continues to focus on keeping engines running efficiently and extending their lifecycle sustainably.

Looking into 2024, DEUTZ expects revenue to be between €1.9 billion and €2.1 billion with an EBIT margin of 5.0 to 6.5%. The company asserts a positive outlook, aiming for moderate growth and sustained profitability.