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The earnings growth was reportedly driven by volume increases and an improvement in capacity utilization, as well as cost reduction measures realized in earlier periods. The company also implemented price adjustments to cover cost inflation, which led to a reversal in the average price trend; after a 5% price drop in 2010 compared to 2009, average prices were only slightly lower in the first quarter of 2011 than in the comparable period of 2010, and increased to +1% during the reporting period.
“These results prove that we are on the right track,” said Heimo Scheuch, CEO. “Our key success factors include a clear focus on marketing and sales with innovative and energy-efficient products, smaller value creating acquisitions to strengthen our market positions, earlier cost-cutting measures, and strict cost management.”
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