ElringKlinger Confirms Targets After Revenue Exceeds Estimate
Sales rose 12 percent to 286 million euros ($349 million), the company said in a statement today. That beat the 279.3 million-euro average estimate of analysts surveyed by Bloomberg. Earnings before interest and taxes climbed 29 percent to 38.3 million euros, while incoming orders advanced 13 percent to 337.1 million euros.
“Solid demand for new vehicles in emerging markets and North America, together with product ramp-ups” and the contribution of acquisitions helped the results, the Dettingen- based company said. ElringKlinger, whose clients include Volkswagen AG and Bayerische Motoren Werke AG, reiterated full- year forecasts for organic sales growth of 5 percent to 7 percent and Ebit of 145 million euros to 150 million euros.
ElringKlinger shares climbed 4 percent to 22.80 euros at 10:25 a.m. in Frankfurt trading.
ElringKlinger’s acquisitions last year included the majority of mold and tool manufacturer Hummel Group, the cylinder-head and exhaust system gasket business of Freudenberg Group, and 66.7 percent of Switzerland-based Hug Group, a maker of diesel particle filters.
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