DGAP-News: Progress-Werk Oberkirch AG: PWO reports results for the first quarter of 2013
(firmenpresse) - DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Interim
Report/Quarter Results
Progress-Werk Oberkirch AG: PWO reports results for the first quarter
of 2013
06.05.2013 / 08:01
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- Increase in revenues and total output
- EBIT and net income for the period above plan
- Expected development of 2013 quarterly results not to be compared with
2012
- Outlook for 2013 confirmed: Growth in revenues and EBIT expected
Oberkirch, May 6, 2013 - Today, Progress-Werk Oberkirch AG released its
interim financial report for the first quarter of 2013.
In the first quarter of the 2013 fiscal year, the PWO Group grew revenues
and achieved an EBIT (earnings before interest and taxes) at a high level
similar to that of the previous year's quarter due to the extremely
favorable development of its international locations. The results exceeded
the internal budget.
In 2012, the first three months had shown the highest EBIT on a quarterly
basis for the entire year with the subsequent quarters coming in
significantly weaker. In 2013 however, we expect the quarters to develop
steadier.
Revenues rose 3.4 percent in the reporting quarter to EUR 94.2 million
(p/y: EUR 91.1 million). Total output, which is the decisive key figure for
the Group's growth, rose 6.5 percent to EUR 98.1 million (p/y: EUR 92.1
million). At EUR 5.8 million (p/y: EUR 6.1 million), EBIT was just slightly
below last year's level.
Due to a decline in financial expenses and a lower tax rate, net income for
the period of EUR 3.2 million was at the level of the previous year.
Earnings per share amounted to EUR 1.03 (p/y: EUR 1.27) as a result of the
capital increase in May 2012 which had led to a 25% increase in the number
of shares versus the prior year.
As a result of the market weakness in Europe, the German location
experienced a 5.3 percent decline in revenues compared to the previous
quarter and is currently burdened by the higher-than-average rise in staff
costs. The EBIT at this location amounted to EUR 3.8 million (p/y: EUR 5.6
million). In the course of the year, the productivity improvements and cost
reductions measure which were introduced should lead to an improvement in
earnings.
Our international locations continued to develop very favorably. In total,
they more than tripled their contribution to the Group EBIT and provided a
total of EUR 1.7 million (p/y: EUR 0.5 million) in the first quarter. This
was primarily a result of the rapidly rising revenues of the NAFTA area.
We continue to be cautiously optimistic for 2013 and reconfirm our
forecasts. Despite the rise in market uncertainty - particularly in Europe
- we expect an approximate 8 percent increase in revenues to around EUR 390
million due to additional series start-ups and ramp-ups. The EBIT should
improve to approximately EUR 23 million.
Progress-Werk Oberkirch AG
The Management Board
PWO company profile
PWO is one of the world's leading suppliers of advanced metal components
for automobile safety and comfort. The company has developed a unique
knowledge in the forming and joining of metals over the course of its over
90-year history since it was founded in 1919. The German location at
Oberkirch today employs around 1,500 staff members. The Group is globally
represented with further sites in Canada, the Czech Republic, China and
Mexico employs over 3,000 staff members around the world.
PW0 is a partner to the global automotive industry for the development and
production of innovative products in the areas of 'Mechanical components
for electrical and electronic applications', 'Safety components for
airbags, seats and steering' and 'Components and systems for vehicle bodies
and chassis'.
End of Corporate News
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Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: +49 (0)7802 84-0
Fax: +49 (0)7802 84-273
E-mail: info(at)progress-werk.de
Internet: www.progress-werk.de
ISIN: DE0006968001
WKN: 696800
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of News DGAP News-Service
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