Ahead of its quarterly statement, German OEM and contractor, Bauer AG – a specialist in foundation drilling and drilling rigs – has published an earnings forecast for the year, showing expected group revenues of around €1.5 billion.
This pre-tax figure is similar to that of last year (€1.59 billion), demonstrating the company’s resilience in the face of the coronavirus pandemic.
Moreover, the anticipated negative earnings figure after tax (-€20 million) is a significant improvement on 2019’s -€36.6 million.
According to Bauer’s preliminary figures, the group’s revenues stood at €1.1 billion on September 30. Again, this compares relatively well with the same period in 2019 (€1.24 billion).
Earnings at that point were slightly down, with the preliminary figures showing -€13.2 million, compared with -€0.4 million in the same period in 2019.
Bauer points out that the full-year forecast was prepared on the assumption that stricter measures to prevent the spread of the coronavirus will not be implemented in the countries in which it is currently doing business.
The forecast also takes into consideration the financial impacts caused by the termination of its joint venture with Schlumberger and its sale of Esau & Hueber.