Progress-Werk Oberkirch AG / Key word(s): Half Year Results
PWO reports strong 2015 second quarter
- Q2 revenues rise 6.6 percent year-on-year, total output 8.0 percent higher
- EBIT's rise even stronger at 14.1 percent, excluding currency effects
- Forecasts for 2015 confirmed
Oberkirch, July 30, 2015 - Today, Progress-Werk Oberkirch AG released its interim financial report for the second quarter and first half of 2015.
The Group has overcome its temporary period of weak growth and was able to post strong gains in the quarter. Cost reduction measures are showing significant success and fueled a disproportionately strong rise in EBIT excluding currency effects. The balance sheet ratios improved, and new business was buoyant.
Revenues in the second quarter increased sharply by 6.6 percent to EUR 101.2 million (p/y: EUR 95.0 million). Total output rose 8.0 percent to EUR 106.3 million (p/y: EUR 98.4 million). EBIT improved and climbed 14.1 percent to EUR 5.3 million (p/y: EUR 4.7 million), excluding currency effects of EUR -1.4 million (p/y: EUR 0.1 million). Net income for the period including currency effects and after financial expenses and income taxes amounted to EUR 1.5 million (p/y: EUR 2.3 million), and earnings per share equaled EUR 0.49 (p/y: EUR 0.72).
The performance in the first half of 2015 was still impacted by the somewhat subdued start to the year. Revenues in the six-month period grew 3.1 percent to EUR 200.8 million (p/y: EUR 194.7 million), total output increased 5.3 percent to EUR 209.5 million (p/y: EUR 198.9 million), while EBIT excluding currency effects of EUR -0.7 million (p/y: EUR 0.0 million) declined to EUR 10.2 million (p/y: EUR 10.8 million). Net income for the period amounted to EUR 4.7 million (p/y: EUR 5.5 million) and earnings per share totaled EUR 1.50 (p/y: EUR 1.76).
With the robust performance of the second quarter, we remain on track to reach our targets for the 2015 fiscal year. We continue to expect revenues of approximately EUR 400 million (p/y: EUR 381.1 million) and EBIT of roughly EUR 19 million (p/y: EUR 16.7 million).
Progress-Werk Oberkirch AG
PWO company profile
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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|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-0|
|Fax:||+49 (0)7802 84-273|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich|
|End of News||DGAP News-Service|