Progress-Werk Oberkirch AG: PWO is well on track in the first half of 2017

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Half Year Results

03.08.2017 / 08:00
The issuer is solely responsible for the content of this announcement.

- High level of revenue and total output continues in H1
- All locations well prepared for higher-than-expected customer call orders
- Revenue forecast for 2017 now appears conservative

Oberkirch, August 3, 2017 - The PWO Group continued to profit from a sustained high level of customer call orders and a corresponding higher level of revenue in the first half of 2017. The resulting earnings opportunities are being fully utilized by our locations in Canada, Mexico and Czechia. Our locations in Germany and China, in contrast, incurred additional expenses to achieve growth.

Group revenues in the second quarter rose to EUR 116.0 million (p/y: EUR 105.0 million) and total output increased to EUR 122.1 million (p/y: EUR 110.0 million). EBIT before currency effects amounted to EUR 6.7 million (p/y: EUR 6.6 million) and EUR 5.2 million (p/y: EUR 6.4 million) including currency effects. Net income for the period and earnings per share totaled EUR 3.1 million (p/y: EUR 3.5 million) and EUR 0.98 (p/y: EUR 1.12), respectively.

Revenues in the first half of the year increased to EUR 233.1 million (p/y: EUR 208.7 million) and total output reached EUR 244.1 million (p/y: EUR 209.9 million). EBIT before currency effects rose to EUR 12.3 million (p/y: EUR 11.5 million) and including currency effects to EUR 10.4 million (p/y: EUR 10.0 million). Net income for the period improved to EUR 5.9 million (p/y: EUR 4.8 million) and earnings per share to EUR 1.89 (p/y: EUR 1.55).

Due to the sustained positive development in revenue, our forecast for revenue of EUR 450 million in 2017, of which EUR 20 million stems from material price effects, now appears to be conservative. In terms of EBIT before currency effects, we believe we are on the right track to reach our target of EUR 23 to 24 million. Higher-than-expected positive earnings contributions from some locations are expected to compensate for the additional expenses incurred to realize growth.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is a partner to the global automotive industry for the development and production of advanced metal components and subsystems using lightweight construction. The Group has developed a unique knowledge in the forming and joining of metals over the course of its almost 98-year history since it was founded in 1919. With our expertise in cost-efficient lightweight construction, we contribute to environmentally-friendly driving and greater distances in e-mobility.

All of the Group's more than 1,000 products contribute to automotive comfort and safety. Only seven percent of revenue is derived from components used in vehicle drivetrains for combustion engines. Approximately 3,300 employees on three continents at five production sites and one assembly plant, ensure the highest level of delivery reliability and quality.

03.08.2017 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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