DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Quarter Results
- Revenue: +13 percent
Oberkirch, May 4, 2017 - PWO today published its quarterly statement for the first quarter of 2017. The Company is currently benefiting from a solid automotive market and the sales successes of recent years. These factors enabled PWO to grow significantly faster than the sector in the first quarter of 2017.
The rise in revenue was also attributed to the ability to pass on higher material prices and, above all, to a higher-than-expected volume of customer call orders. Most locations had sufficient capacity to accommodate the additional units and at the same time achieve satisfactory margins. In Germany and China, however, additional expenses were temporarily necessary to realize growth.
Overall, Group revenue rose to EUR 117.1 million (p/y: EUR 103.7 million), and total output increased to EUR 122.0 million (p/y: EUR 100.2 million). EBIT before currency effects grew to EUR 5.6 million (p/y: EUR 4.8 million), and EUR 5.2 million including currency effects (p/y: EUR 3.6 million). The net income for the period improved to EUR 2.9 million (p/y: EUR 1.3 million) and earnings per share to EUR 0.91 (p/y: EUR 0.42).
Revenue and earnings growth in the first quarter were well above the growth rates forecast for the entire 2017 fiscal year. We are very pleased with this performance, which gives us continued confidence. However, if capacity utilization remains high or climbs even higher, the capacity risks and, thereby, the cost of providing customers with timely delivery will likely increase. For this reason, we will be working together closely with our operations in China during their expansion.
Today at 11:00 a.m. CESZ the Company will host a conference call to present the developments in the first quarter. If you would like to participate, please contact the Investor Relations department who will be happy to provide you with the dial-in information.
Progress-Werk Oberkirch AG
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."
|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-347|
|Fax:||+49 (0)7802 84-789|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange|
|End of News||DGAP News Service|