Bulten reported sales increased 9.6% to SEK 853 million (US$97.6 million) in the opening quarter of 2018.

“The growth is an effect of an increase in previously announced contracts and a major model shift at a customer, which is now in full production,” stated CEO Tommy Andersson.

Operating earnings rose 6.3% to SEK 67 (63) million, equating to an operating margin of 7.8%. Earnings after tax declined 5.9% to SEK 48 million.

“Profitability was affected negatively by higher global market prices for steel and other metals as well as an uneven rate of production, but was partly balanced out by positive currency effects,” Andersson added.

First-quarter order bookings improved 8.2% to SEK 779.

Bulten’s new surface treatment at the German unit is now up and running, with gradually increasing volumes.

“Furthermore, the development toward more hybrid and electric cars works in our favor, as more fasteners will be needed for each car due to new materials and powertrains.”

Founded in 1873, Bulten supplies automotive fasteners internationally from facilities in Sweden, China, Russia, UK, Germany and Poland and is headquartered in Goteborg, Sweden. Bulten has 1,388 employees in nine countries and the company is listed on Nasdaq Stockholm. Web: Bulten.com