LANDSBERG AM LECH (dpa-AFX) - Professional kitchen specialist Rational AG (RTLLF.PK) reported Wednesday that its first-quarter earnings after taxes climbed 46 percent to 24.4 million euros from last year's 16.7 million euros.
Earnings per share were 2.15 euros, up from 1.47 euros last year.
Earnings before financial result and taxes or EBIT grew 24 percent to 32.2 million euros from 26.0 million euros last year. EBIT margin improved to 19.2 percent from prior year's 14.3 percent.
Gross margin was 56 percent, same as last year.
Sales revenues of 167.7 million euros declined 7 percent from last year's 181.3 million euros. Sales revenues on a currency-adjusted basis declined 5 percent.
The company recorded strong final month for sales revenues and new orders in the first three months.
Sales revenues were down 13 percent in January and 22 percent in February, but it grew 14 percent in March.
Further, new orders were down 21 percent in January, 23 percent in February and up 39 percent in March.
Further, Rational anticipates an investment volume of around 55 million euros for 2021 as a whole.
The Executive Board and Supervisory Board will propose a dividend of 4.80 euros per share for fiscal year 2020 to the General Meeting of Shareholders on May 12, which corresponds to a total distribution of 54.6 million euros.
Looking ahead for fiscal 2021, the company said it still expects growth in sales revenues in the medium single-digit range.
Rational CEO Peter Stadelmann said, 'Based on the assumption that other markets will benefit sooner or more strongly from catch-up effects among restaurant and communal catering guests and our end customers, sales revenue growth for the fiscal year could turn out to be somewhat better than previously expected.'
If the positive trend in sales revenues and the favourable cost situation of the first quarter continue, then the EBIT margin will be higher than the previous year.
Copyright RTT News/dpa-AFX