03.11.2016
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO reports continued business strength in the 2016 nine-month period
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Quarterly / Interim
Statement
Progress-Werk Oberkirch AG: PWO reports continued business strength in the
2016 nine-month period
03.11.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
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- All locations contribute to the Group's solid performance
- Net income for the period and earnings per share rise 36%
- 2016 forecast now considered to be conservative
Oberkirch, November 3, 2016 - PWO today published its quarterly statement
for the third quarter and first nine months of 2016.
In the third quarter, we continued the positive performance of the first
half-year. Meanwhile all of our locations are progressing well. A
particular highlight is our successful ramp-up in China, where we doubled
our total revenue and brought total output up by half in the nine-month
period. The segment's EBIT before currency effects improved by EUR 3.6
million in the first nine months to a positive EUR 1.1 million.
In the third quarter, Group revenue increased to EUR 100.5 million (p/y:
EUR 97.9 million) and total output rose to EUR 105.3 million (p/y: EUR
100.5 million). Because of risk provisions taken in the quarter, EBIT
before currency effects remained close to the prior year's level and
amounted to EUR 6.3 million (p/y: EUR 6.4 million). Net income for the
period, including currency effects of EUR -0.3 million (p/y: EUR -1.8
million), more than doubled to EUR 3.6 million (p/y: EUR 1.5 million) as
did earnings per share of
EUR 1.15 (p/y: EUR 0.49) and were supported by a declining tax rate.
Revenue in the nine-month period increased to EUR 309.2 million (p/y: EUR
298.7 million) and total output rose to EUR 315.2 million (p/y: EUR 310.0
million). EBIT before currency effects climbed significantly higher in
percentage terms and reached EUR 17.8 million (p/y: EUR 16.7 million). Net
income for the period, including currency effects of EUR -1.8 million (p/y:
EUR -2.5 million), amounted to EUR 8.4 million (p/y: EUR 6.2 million) and
earnings per share totaled EUR 2.70 (p/y: EUR 1.99), which represented more
than a one-third year-on-year rise in both items.
We continue to be very pleased with our current operating performance. We
do, however, see some risks to our earnings in the fourth quarter.
Therefore, we will currently remain by our forecast for the 2016 fiscal
year for slight revenue growth to around EUR 410 million and a rise in EBIT
before currency effects to EUR 20 million.
This forecast is now considered to be conservative.
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 Group has developed a unique knowledge in the
forming and joining of metals over the course of its roughly 97-year
history since it was founded in 1919. The German location at Oberkirch
today employs around 1,500 staff members. PWO is globally represented with
further sites in the Czech Republic, Canada, Mexico, and China. The Group
employs a total of 3,100 staff members.
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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03.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: +49 (0)7802 84-347
Fax: +49 (0)7802 84-789
E-mail: [email protected]
Internet: www.progress-werk.de
ISIN: DE0006968001
WKN: 696800
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Tradegate Exchange
End of News DGAP News Service
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