Steinway sees healthy piano sales 2Q 2013

Steinway has announced its financial results for the second quarter of 2013, and it shows a healthy overall balance sheet for sales of its wholesale pianos, with Europe and America being particularly strong markets.

Second quarter revenue increased to $56.8 million, or 12.7%, over the prior-year quarter due to strong wholesale piano sales. Worldwide, unit shipments of Steinway grand pianos increased 20.7% and Boston and Essex piano shipments rose 21.0%. In the Americas and Europe, revenue increased 18.2% and 19.6%, respectively, while exchange rate changes negatively impacted revenue in the Asia-Pacific region. Without these changes, revenue from the region would have been stable.

There has been an increase in demand for Steinway’s high quality acoustic pianos, with production at the company’s New York and Hamburg factories increasing by around 25% over the previous quarter.