4/27/2016 11:16:00 AM
NEWS BRIEFS
Bulten Reports Better Profit and Order Intake
Bulten AB reported first quarter sales edged up 0.3% to SEK 715 million (US$88.4 million).
“Bulten’s sales to European carmakers, especially in the premium segment, remained good during the start of the year while sales to the heavy vehicle segment were initially at a slower pace,” stated CEO Tommy Andersson. “Net sales were therefore marginally lower than market growth for European vehicle production.”
Operating earnings climbed 53% to SEK 55 million, which corresponds to an operating margin of 7.7%. Q1 earnings after tax rose 38% to SEK 40 million.
Cash flow from operating activities increased 59% to SEK 78 million, while
net debt was SEK 114 million and the equity/assets ratio at the end of the period was 65.2%.
Order bookings amounted to SEK 699 million, an increase of 5.9%.
“In Russia we received several smaller orders during the quarter, one of which was from the country’s biggest vehicle manufacturer,” Andersson added.
He noted that the total annual value is initially “relatively low” but called the development potential “large.”
“By this we have established a foothold among several customers on the Russian market and we see good opportunities for the future.”
During Q1 Bulten signed an FSP contract with a new customer in the Chinese auto industry for a total value of SEK 60 million.
“Ahead of us we see a year of expansion in line with market growth while in the coming years we see very good prospects for gaining higher market shares based on received contracts and ongoing discussions with customers,” Andersson concluded.
Sweden-based Bulten is the former FinnvedenBulten AB, which officially changed its name in September 2015 to Bulten AB, the final step in its transformation to an exclusively fastener company.
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