Danfoss sales for 2021 increased 29 per cent to $A11.4 billion (EUR7.5 billion), setting a new record.
Organic growth reached 18 per cent year-over-year.
The five months ownership of Eaton’s hydraulics business added $1.1 billion to the top line.
There was extensive growth in all regions of the globe allowing Danfoss to increase its research and development spend by 23 per cent.
Net profit increased 45 per cent to $961.2 million.
Danfoss president & CEO, Kim Fausing, said the company has never seen better opportunities.
“Our momentum is clearly reflected in our 2021 annual results. Danfoss has delivered the best results in our history, and we are in a strong financial position,” Fausing said.
"What makes me most proud is how our teams continue to deal with the pandemic and the significant challenges with the supply chain while delivering a transformational, record year.
“Unfortunately, these considerable challenges affected our customer service. In addition, all three segments were affected by inflationary pressure.
“We will continue to do everything we can to serve our customers and we will continue our high investments in capacity expansion, innovation and digitalization of Danfoss.”
Fausing was positive about the 2022 outlook but said it was dependent on the pandemic.
Danfoss assumes a positive outlook in the market with a continued ambition to expand or maintain market share.
He expects full year sales to be in the $13.4 to $14.9 billion range.
“The expected growth and profitability performance is dependent on the development of the pandemic, the global supply chain disruptions as well as the continuation of the current strong growth rates in the world economy,” Fausing said.
“Regarding the conflict between Ukraine and Russia our first priority is to keep our people safe. We are monitoring the situation carefully and will act accordingly.”