June 14, 2018 / 5:47 AM / 10 months ago

Sweden's Hexagon says on track to reach 2021 targets

STOCKHOLM, June 14 (Reuters) - Swedish industrial technology company Hexagon said on Thursday it remained on track to achieve its targets, under which it expects to hit sales of at least 4.6 billion euros ($5.4 billion) in 2021.

The plans, laid out in 2016, also set guidance for earnings before interest and tax (EBIT) margins of at least 27 percent by 2021, assuming that Hexagon would achieve average sales growth of 8 percent per year.

The company reiterated its targets at its capital markets day in the United States. bit.ly/2y8ULse

Last month, Hexagon posted quarter core earnings below expectations, hit by currency headwinds and a slower growth in its high-margin power, process and marine division (PPM), which continued to smart from a yet challenging oil and gas market.

The group’s sensors and software are used for measurement and quality inspection in manufacturing processes and in engineering plant design. Its products are also used in areas such as infrastructure planning, construction, mining, agriculture and energy. ($1 = 0.8472 euros) (Reporting by Esha Vaish; editing by Niklas Pollard)

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