04.11.2014
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO reports on its business development for the nine-month period of fiscal year 2014
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Interim
Report/9-month figures
Progress-Werk Oberkirch AG: PWO reports on its business development
for the nine-month period of fiscal year 2014
04.11.2014 / 08:00
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- Business performance in line with expectations that were revised in
July
- Macroeconomic and geopolitical risks have increased
- Revenues and EBIT expected at lower end of expectations
- Construction of assembly plant in China to reinforce international
business
Oberkirch, November 4, 2014 - Today, Progress-Werk Oberkirch AG published
its interim financial report for the third quarter and nine-month period of
2014. As in the previous quarter, the Group's business performance
continued to be affected by slower-than-expected start-ups and ramp-ups of
new series productions. Measures to adapt to current capacity utilization
are being implemented, but will still need time to achieve their full
effect.
In the first nine months, Group revenues amounted to EUR 286.7 million
(p/y: EUR 284.7 million), total output was EUR 295.6 million (p/y: EUR
292.3 million) and EBIT reached EUR 14.7 million (p/y: EUR 15.8 million).
At EUR 6.7 million (p/y: EUR 8.6 million), net income for the period was
also below the previous year's level due to a temporarily higher tax rate.
Accordingly, earnings per share fell to EUR 2.16 (p/y: EUR 2.74). In the
reporting quarter, revenues reached EUR 92.0 million (p/y: EUR 93.0
million). Total output rose to EUR 96.7 million (p/y: EUR 94.2 million) as
a result of a higher level in finished goods and work-in-progress compared
to the prior year. EBIT declined to EUR 4.0 million (p/y: EUR 4.7 million).
Net income for the period amounted to EUR 1.2 million (p/y: EUR 2.6
million)and earnings per share totaled EUR 0.40 (p/y: EUR 0.82).
The present business development confirms our fiscal year 2014 forecast for
revenue of approximately EUR 385 million and an EBIT in the range of EUR 20
to 21 million. How-ever, given the growing overall market risk and the
continued high fluctuation in customer call orders, the risks to our
forecast have increased. Therefore, we expect that revenues may be lower
rather than higher than this forecast and EBIT to be at the lower end of
the target range.
To reinforce our international business, we are currently building a new
Chinese assembly plant in Shenyang. We expect to assemble the first
cross-members at this location in the third quarter of 2015. In addition,
in the months to come there will be contract awards for numerous larger
projects involving engine housings, seats, and cross-members which offer
further attractive growth opportunities for the Group.
Progress-Werk Oberkirch AG
The Management Board
PWO company profile
PWO is one of the world's leading developers and manufacturers of advanced
metal components and systems in lightweight construction for automobile
safety and comfort. The company has developed a unique knowledge in the
forming and joining of metals over the course of its 95-year history since
it was founded in 1919. The German location at Oberkirch today employs
around 1,600 staff members. The Group is globally represented with further
sites in China, Canada, Mexico, and the Czech Republic. It employs around
3,200 staff members worldwide.
PW0 is a partner to the global automotive industry for the development and
production of innovative products in the divisions of "Mechanical
components for electrical and electronic applications", "Safety components
for airbags, seats and steering" and "Components and subsystems for vehicle
bodies and chassis".
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Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: +49 (0)7802 84-0
Fax: +49 (0)7802 84-273
E-mail: [email protected]
Internet: www.progress-werk.de
ISIN: DE0006968001
WKN: 696800
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of News DGAP News-Service
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