Progress-Werk Oberkirch AG: PWO reports strong performance in the nine-month period of 2017

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): 9-month figures

02.11.2017 / 08:00
The issuer is solely responsible for the content of this announcement.


- Sustained high growth
- Oberkirch location achieves significant earnings improvement in Q3
- Company confident that 2017 full-year forecast is secured

Oberkirch, November 2, 2017 - The PWO Group again recorded strong growth in the first nine months of 2017 supported by continued high customer call orders and the ability to pass on higher material prices. After significant additional expenditures were incurred in the first half-year and early in the third quarter for the timely fulfillment of the stronger-than-planned rise in customer call orders, the capacity measures introduced in Q1 began to gradually take hold in the course of the third quarter. The targeted turnaround and the return to an essentially normal production schedule were also achieved, particularly at the Group's key German location. This will have a positive effect on earning's development going forward.

Group revenue in the third quarter increased to EUR 112.9 million (p/y: EUR 100.5 million), and total output rose to EUR 118.9 million (p/y: EUR 105.3 million). EBIT before currency effects amounted to EUR 6.4 million (p/y: EUR 6.3 million). EBIT including currency effects totaled EUR 5.8 million (p/y: EUR 6.0 million). Net income for the period amounted to EUR 2.3 million (p/y: EUR 3.6 million), resulting in earnings per share of EUR 0.72 (p/y: EUR 1.15).

Revenue in the nine-month period increased to EUR 346.0 million (p/y: EUR 309.2 million), and total output reached EUR 363.0 million (p/y: EUR 315.2 million). EBIT before currency effects in the nine-month period rose to EUR 18.7 million (p/y: EUR 17.8 million) and EUR 16.2 million (p/y: EUR 16.0 million) including currency effects. Net income for the period amounted to EUR 8.2 million (p/y: EUR 8.4 million), resulting in earnings per share of EUR 2.61 (p/y: EUR 2.70).

The solid overall performance in the nine-month period, despite high extraordinary expenses, once again reinforces our forecast for the current fiscal year. As already stated in the half-year report, our revenue target of around EUR 450 million, of which around EUR 20 million stems from material price effects, can be viewed as conservative. We now believe the forecast for EBIT before currency effects of EUR 23 to 24 million is secured.

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. 93 percent of revenue is independent of the vehicle's type of drivetrain. Approximately 3,300 employees on three continents at five production sites and one assembly plant, ensure the highest level of delivery reliability and quality.

02.11.2017 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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