SHW AG Reports Preliminary Earnings Results for the Third Quarter and Nine Months of 2013; Provides Earnings Guidance for the Fiscal Year 2013; Announces Executive Appointments
For the nine months period, the group sales were up by 6.3% to EUR 269.0 million compared to EUR 253.1 million for the same period in the previous year thanks to the very pleasing results attained in the third quarter. The adjusted EBITDA is EUR 28.6 million, which corresponds to a rise of 3.3%. The main reason for this slightly disproportionate increase in earnings stems from the weaker first quarter and includes adverse effects caused by temporary performance losses (SAP launch related operating costs for consultants, special shipments and external processing orders), higher start-up costs and stock-related impairments.
The company now expects group sales in fiscal year 2013 to lie within the region of between EUR 352 million to EUR 362 million (previously: EUR 330 million to EUR 345 million), with sales in the Pump and Engine Components business segment accounting for between EUR 264 million to EUR 272 million (previously: EUR 240 million to EUR 255 million) and EUR 88 million to EUR 90 million for the Brake Discs business segment. Based on figures for the first nine months of the year, the company is now expecting that group earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) for fiscal year 2013 to be around EUR 35 million to EUR 38 million and is thus likely to top last year's figure of EUR 33.9 million.
The company continued to reinforce its management team in the Pumps and Engine Components business segment during the third quarter of 2013. Mr. Peter M?ller took over the position as Head of Logistics for the Passenger Car division on 16 September, coming from Roman Mayer Logistik Group. On the same day Dr. Henrik Brehler joined SHW as Head of Development of the Passenger Car Division from Hilite Germany GmbH.