Engel reports strong results in fiscal year 2011, expects further growth

Austria-based injection molding and automation equipment supplier Engel has reported a “major rebound” in its fiscal year 2011, hitting its pre-recession revenue level and forecasting a year-over-year double digit growth for the current fiscal year.

Both the rebound and the expected growth are based on good results in all of Engel’s key market sectors in each of its global regions, including North America, the company said in a press release.

Revenues from shipments during Engel’s fiscal year 2011 – which ended on March 31, 2011 – reached US$881 million (€615 million), up from US$513 million (€358 million) in fiscal year 2010. Engel’s revenues for fiscal year 2009 were US$908 million (€630 million).

“As far as I’m concerned, we are back to our 2009 level, and more important, we are looking forward confidently,” said Mark Sankovitch, president of York, Pa.-based Engel Machinery, Inc., the company’s North American subsidiary. “Our global revenue forecast for fiscal year 2012, which ends March 31, 2012, is double digit growth; that’s definitely achievable as long as market conditions remain stable.”

In North America, Sankovitch continued, the company’s strongest growth during the recovery has been in medical and packaging applications. “We expect that to continue this year, joined by significant growth in the automotive sector,” he said.