2/11/2015 12:08:00 PM
NEWS BRIEFS
Bulten AB Reports “Strong” Finish to 2014
Bulten AB reported net sales in the final quarter of 2014 rose 31.6% SEK 621 million. Earnings (EBIT) increased 22.6% to SEK 38 million, while operating margin declined to 6.2%. Q4 net income declined 18% to SEK 18 million.
Order bookings gained 14.9% to SEK 706 million, with EPS down slightly to SEK 1.04.
“Bulten’s strong sales growth continued in the final quarter of 2014 and very good order bookings indicate that demand remains high,” stated CEO Tommy Andersson.
For the year, sales grew 33.7% to SEK 2,414 million, while earnings increased 22% to SEK 133 million, which correspond to an operating margin of 5.5%.
“Operating earnings were affected by establishment and start-up costs of SEK -28 million in total,” the company stated.
Net income declined 16% to SEK 84 million.
“Limited production and deliveries have now started at the Russian unit that was officially inaugurated in October,” Andersson added. “We see signs that demand for qualitative local production is increasing even though the Russian automotive market has weakened due to geopolitical uncertainties among others.”
Bulten is the former FinnvedenBulten AB, which officially changed its name in September to Bulten AB, the final step in its transformation to a exclusively fastener company.
In June, FinnvedenBulten sold its Metal Structures division to Shiloh Industries Inc., a U.S. supplier to the automotive industry, for SEK 490 million (US$74.3m).
Following the sale, the company unveiled its new executive team, led by Andersson and CFO Helena Wennerström.
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