By Olivia Bugault
Knorr-Bremse AG said Thursday that revenue and earnings before interest and taxes dropped in its fourth quarter, but that it expects sales to increase in 2021.
The German manufacturer of rail-braking systems booked revenue of 1.57 billion euros ($1.89 billion), down 3.5% compared with the same period last year. EBIT fell to EUR221.9 million from EUR279.9 million, while order intake rose 9.1% to EUR2.09 billion, it said.
For 2021, Knorr-Bremse expects sales of between EUR6.5 billion and EUR6.9 billion, above 2020's levels, and an operating EBIT margin in the range of 13% to 14.5%.
"Our outlook for 2021 assumes that the global economy and the political environment will develop stably and that there will be no further restrictions due to the corona pandemic," the company said.
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