Sweden-based Bulten reported sales increased 9.7% to SEK 3.13 billion in 2018, while operating earnings were flat at SEK 210 million, and operating margin declined 6.7%. Earnings after tax fell 10% to SEK 143 million.

During the year, order bookings gained 2.8% to SEK 3.1 billion.

“Demand for hybrids and electric cars is increasing, and this is a favorable development for Bulten,” stated CEO Tommy Andersson. “We are well positioned in this area and we signed two new FSP contracts during the quarter, for electric car drivelines.” (See Fastener Industry Responds To EV Market Demands)

During the final quarter of the year, sales increased 1% to SEK 747 million, with operating earnings down 12.7% to SEK 48 million, equating to an operating margin of 6.4%. Q4 earnings after tax slipped 36% to SEK 30 million.

Order bookings in the final quarter decreased 11.7% to SEK 741 million.

“Order bookings during the quarter were in line with sales, but down 12 % compared to the previous year’s strong order bookings thanks to the start of new contracts and model shifts,” the company stated.

In early 2019, Bulten announced that Andersson would be succeeded by Anders Nyström. Web: Bulten.com