Jungheinrich Outgrew the Market in 2016, but We Are Still Looking for Margin Gains
Narrow-moat Jungheinrich outgrew the global market in 2016, helped by its disproportionate exposure to Europe and warehouse trucks--in particular, indoor narrow electric forklifts. Both factors helped it gain 10 basis points of market share in Europe and drive 8% organic revenue growth, but have done little to boost profitability, which still lags that of its closest peer, Kion Group. EBIT margin performance was unimpressive, with a slight 10-basis-point decline over 2015. The margin was at the ...Jungheinrich is engaged in the development of new trucks and logistics solutions. Co.'s operating activities are divided into two segments: Intralogistics, which is engaged in the development, production and sale of new trucks including logistics systems as well as the mail-order business, short-term hire which include the rental of new and used material handling equipment, reconditioning and sale of used equipment and the provision of after-sales services including the maintenance, repair and spare parts businesses; and Financial Services, which encompasses the usage transfer and sales financing of material handling equipment and warehousing technology products.
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