The German engine builder Deutz, parent of Torqeedo, reported net sales growth of 6.4 percent to $1.5 billion (1.37 billion euros) for the first three quarters of the year compared to the same period a year ago. The company said in a statement the value of new orders during that period fell by 15.1 percent compared to the previous year.
But its Torqeedo engine sales “were more than twice as high” as the third quarter a year ago, according to a statement. The company sold 6,832 units. Its second quarter revenues, however, were impacted by a recall of Torqeedo units, according to the statement.
“Despite a general slowdown in market growth, we saw revenue advance in all regions and major application segments and demonstrated our operational strength by delivering a high double-digit percentage increase in earnings,” said Dr. Frank Hiller, CEO of the Deutz Group, in the statement. “Overall, we believe that we are on track to achieve the current full-year guidance for revenue and earnings.”
