DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Half Year Results
- Business develops as planned amid a challenging environment
In the second quarter, Group revenue rose to EUR 127.1 million (p/y: EUR 125.9 million) largely as a result of the invoicing of tools. Total output of EUR 113.7 million (p/y: EUR 121.8 million) was significantly below the prior year's level, reflecting the development of the series business amid current market weakness. EBIT before currency effects declined to EUR 4.7 million (p/y: EUR 6.0 million) and to EUR 3.9 million (p/y: EUR 6.2 million) including currency effects. Net income for the period and earnings per share amounted to EUR 1.2 million (p/y: EUR 3.2 million) and EUR 0.40 (p/y: EUR 1.02), respectively.
In the first half-year, revenue of EUR 245.1 million (p/y: EUR 248.7 million) almost matched the prior year's level, whereas total output decreased to EUR 237.5 million (p/y: EUR 246.4 million). EBIT before currency effects amounted to EUR 10.8 million (p/y: EUR 13.5 million) and dropped to EUR 9.8 million (p/y: EUR 13.7 million) including currency effects. Net income for the period and earnings per share declined to EUR 4.5 million (p/y: EUR 7.2 million) and EUR 1.42 (p/y: EUR 2.31), respectively.
Based on the revenue and EBIT before currency effects generated in the first half-year, we are on course to achieve our forecasts for the current fiscal year. We continue to target a stabilization in revenue within the range of EUR 480 to 490 million and EBIT before currency effects of EUR 18 to 19 million.
Despite the market's current development, we are consistently focusing on the Group's medium-term prospects and are therefore very pleased with the strength in new business achieved in the first half of 2019. We won new orders with a volume of around EUR 340 million during the first six months, which includes related tool volumes of around EUR 25 million. As a result, we are now raising our forecast for new business volume in 2019 from EUR 400 million to an estimated roughly EUR 500 million.
Progress-Werk Oberkirch AG
PWO company profile
All of the Group's more than 1,000 products contribute to automotive comfort and safety. More than 90 percent of revenue is independent of the vehicle's type of drivetrain. Approximately 3,300 employees on three continents at five production sites and four assembly plants ensure the highest level of delivery reliability and quality.
|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|
|EQS News ID:||851277|
|End of News||DGAP News Service|