Rieter Sales Increase 11% In First Nine Months Of 2023
Rieter’s cumulative sales in the first nine months of 2023 amounted to CHF 1092.9 million, up 11 percent, as compared to CHF 987.4 million in the same period of 2022.
“In particular, supply bottlenecks eased slightly, which allowed more machines to be delivered than in the same period last year,” Rieter observed in the press release.
Sales in the third quarter ending September 30, 2023 declined to CHF 334.7 million as against CHF 366.8 million in the first nine months of earlier year.
The Business Group Machines & Systems, generated total sales of CHF 749.6 million in the first nine months of 2023, up 18 percent year on year.
The Business Group Components, posted sales of CHF 206.8 million, 11 percent lower than in the corresponding period of the previous year.
The Business Group After Sales, recorded growth of 13 percent over a year ago period to CHF 136.5 million in the first nine months of 2023.
“Order intake in the reporting period was characterised by restrained investment in new machinery in almost all regions except China,” the Swiss company observed.
“Demand for consumables and spare parts continued to weaken due to the slowdown in spinning mill capacity utilisation, while rising interest rates and high energy and raw material prices also had a dampening effect,” the company noted.
In this market environment, the Rieter Group received orders totaling CHF 452.2 million in the first nine months of 2023, more than 50 percent lower than CHF 1,095.8 million in the similar months of 2022.
In the third quarter of 2023, orders decreased by 44 percent year-on-year to CHF 127.2 million compared to 226.4 million in the same quarter of previous year.
Rieter expects the market to bottom out in 2023 and anticipates a gradual market recovery in the course of the 2024 financial year.
