DGAP-News
SAF-HOLLAND's sales and earnings surge in the first nine months of 2015
DGAP-News: SAF-HOLLAND S.A. / Key word(s): 9-month figures
SAF-HOLLAND's sales and earnings surge in the first nine months of
2015
05.11.2015 / 07:18
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*Group sales rise 13% in the first nine months to EUR 817.5 million
*Adjusted EBIT climbs 32% and outpaces sales growth
*Adjusted EBIT margin rises to 9%
Luxemburg, November 5, 2015 - SAF-HOLLAND, a SDAX-listed commercial vehicle
supplier, was undeterred by the continued weakness in the Brazilian,
Russian, and Australian sales markets and raised Group sales in the first
nine months of 2015 by 13.0% to EUR 817.5 million (previous year: EUR 723.5
million). Steady, robust demand for trucks and trailers from Western Europe
and the rising share of new products related to axle modules and suspension
systems led the rise as did the growth in regions outside of the core
markets of Europe and North America. Sales saw a significant benefit from
currency translation effects, particularly from the strong US dollar.
Business expanded by approx. 4% on an organic basis.
Solid overall capacity utilization together with ongoing efficiency
improvements in production caused earnings growth to outpace sales growth.
As a result, adjusted earnings before interest and taxes (EBIT) in the
nine-month period of 2015 climbed 32.4% to EUR 73.6 million (previous year:
EUR 55.6 million). This led to a significant improvement in the adjusted
EBIT margin to 9.0% (previous year: 7.7%).
Third quarter sales expand 7.2%
Group sales in the third quarter increased 7.2% to EUR 258.8 million
(previous year: EUR 241.5 million) despite strong year-over-year quarterly
comparisons. Sales in all three business units - Trailer Systems, Powered
Vehicle Systems, and Aftermarket - rose in comparison to the third quarter
of 2014.
The higher gross margin coupled with the slower growth in selling,
administrative, and R&D expenses compared to sales in the nine-month period
of 2015 generated a 38.2% rise in the operating result to a total of EUR
64.7 million (previous year: EUR 46.8 million).
The finance result in the first nine months of 2015 improved to EUR -2.5
million (previous year: EUR -5.1 million). The finance result for the third
quarter of 2015 amounted to EUR -3.9 million (previous year: EUR 0.9
million) and was noticeably weaker year-over-year. This mostly relates back
to the unusually high foreign exchange gains in the third quarter of the
previous year stemming from the valuation of inter-company foreign currency
*Adjusted EBIT climbs 32% and outpaces sales growth
*Adjusted EBIT margin rises to 9%
Luxemburg, November 5, 2015 - SAF-HOLLAND, a SDAX-listed commercial vehicle
supplier, was undeterred by the continued weakness in the Brazilian,
Russian, and Australian sales markets and raised Group sales in the first
nine months of 2015 by 13.0% to EUR 817.5 million (previous year: EUR 723.5
million). Steady, robust demand for trucks and trailers from Western Europe
and the rising share of new products related to axle modules and suspension
systems led the rise as did the growth in regions outside of the core
markets of Europe and North America. Sales saw a significant benefit from
currency translation effects, particularly from the strong US dollar.
Business expanded by approx. 4% on an organic basis.
Solid overall capacity utilization together with ongoing efficiency
improvements in production caused earnings growth to outpace sales growth.
As a result, adjusted earnings before interest and taxes (EBIT) in the
nine-month period of 2015 climbed 32.4% to EUR 73.6 million (previous year:
EUR 55.6 million). This led to a significant improvement in the adjusted
EBIT margin to 9.0% (previous year: 7.7%).
Third quarter sales expand 7.2%
Group sales in the third quarter increased 7.2% to EUR 258.8 million
(previous year: EUR 241.5 million) despite strong year-over-year quarterly
comparisons. Sales in all three business units - Trailer Systems, Powered
Vehicle Systems, and Aftermarket - rose in comparison to the third quarter
of 2014.
The higher gross margin coupled with the slower growth in selling,
administrative, and R&D expenses compared to sales in the nine-month period
of 2015 generated a 38.2% rise in the operating result to a total of EUR
64.7 million (previous year: EUR 46.8 million).
The finance result in the first nine months of 2015 improved to EUR -2.5
million (previous year: EUR -5.1 million). The finance result for the third
quarter of 2015 amounted to EUR -3.9 million (previous year: EUR 0.9
million) and was noticeably weaker year-over-year. This mostly relates back
to the unusually high foreign exchange gains in the third quarter of the
previous year stemming from the valuation of inter-company foreign currency
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