Germany-based braking systems manufacturer Knorr-Bremse has reported sales of €5.83bn in fiscal 2015, an increase of 12% compared to €5.21bn posted the same period in 2014.
In 2015, the company reported pre-tax earnings totaling €977m compared to €847m in 2014.
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The company's net income for the year increased 15% to reach €645m compared to €560m last year, generating a net return on sales of 11.1% compared to 10.8% in 2014.
It is reported that incoming orders were valued at €5.67bn, an increase of 3% compared to the previous year (€5.51bn).
Knorr-Bremse executive board chairman Klaus Deller said: "Thanks to our innovative capabilities and a clear focus on creating genuine added value for vehicle manufacturers and operators, we have again extended our lead in the worldwide rail and commercial vehicle industries, attaining new record levels in all the relevant indicators, including quality, on-time delivery, and customer satisfaction.
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"As a result, last year we posted double-digit growth in both sales and earnings."
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By GlobalDataIn the last financial year, the company's Rail Vehicle Systems division achieved 12% growth as sales reached €3.34bn compared to €2.98bn the same period prior year.
It is reported the primary drivers of this dynamic development were exponential growth in the US rail freight sector, as well as the development of the division's worldwide aftermarket activities.
In 2015, Knorr-Bremse RailServices was able to conclude several maintenance and modernisation agreements, some of them with a term of more than 15 years.
Knorr-Bremse recently won a contract from Brazilian railroad logistics operator RUMO/ALL to deliver upgraded braking systems for its 8,500 freight cars.
Apart from providing brake equipment to support the transportation of sugar cane, the company will also be responsible for system maintenance for the next 15 years.
Under its plan to expand its friction materials services, Knorr-Bremse purchased the rail transport portion of brake pad manufacturer TMD Friction from Japan's Nisshinbo Holdings in February.
Last January, the company acquired Swiss train control management specialist Selectron Systems, which expanded its portfolio to include components and solutions for the automation of rail vehicles.
Through its joint venture ICER Rail, Knorr-Bremse manufactures low-noise organic LL pads designed for retrofitting to existing freight car fleets.
