Strong organic growth and high operating margin despite challenges in the supply chain
THIRD QUARTER
- Net sales increased by 25 percent to
SEK 1,203m (964). The organic growth was 26 percent. - Adjusted operating income increased to
SEK 100m (58), equivalent to an adjusted operating margin of 8.3 percent (6.0). - Reported operating profit totaled
SEK 96m (-23). Non-recurring items of netSEK 4m related to the long-term restructuring program impacted the operating profit. - Changes in exchange rates had a positive impact on operating profit of
SEK 1m (-1). - Profit after tax amounted to
SEK 55m (-104). Tax totaledSEK -21m (-75). - Earnings per share were
SEK 1.11 (-2.15). - Cash flow from operating activities totaled
SEK 26m (231). - The structural savings programs have developed according to plan and reduced expenses by
SEK 21m . - An agreement has been entered into with one of the world's largest manufacturers of heavy trucks for the delivery of
Haldex air disc brakes, which is an important milestone in the truck segment. The deal includes equipping a distribution vehicle with the electromechanical braking system (EMB), which is a breakthrough for the European market. The deal was reported as an event after the end of the quarter in the second quarter report. - The supply chain is strained due to increased raw material and freight costs as well as component and semiconductor shortages.
EVENTS AFTER THE END OF THE QUARTER
- Group Management is extended with two new positions. An EVP Sales & Product Management has been appointed with a clear focus to further strengthen
Haldex growth. An EVP Purchasing has been appointed to improve sourcing processes and increase direct material cost savings.
Comment from
This marks my first complete quarter as CEO for
The
With implemented price adjustments in combination with higher volumes and successful cost savings, we reached an adjusted operating profit of
Activity levels have increased and the constraints in the supply chain continue, causing both price increases and a shortage of certain commodities, semiconductors, and freight. We have mitigated significant parts of these additional costs through price increases to customers to compensate for increased raw material prices, however, as mentioned previously, we are not able to fully mitigate the impact of increased freight costs. We estimate that increased costs for commodities and freight will continue into the fourth quarter and have therefore decided on further measures. There continues to be a significant shortage of semiconductors, which will impact some of
I can also share with you that that we have strengthened Group Management with two new members. To further add focus on growth, we have appointed an EVP Global Sales and Product Management with a global product responsibility. To reach operational excellence in managing our material costs, sourcing has been established as a separate function and an EVP Purchasing has been appointed. We have also reinforced our partnership with
An exciting upcoming event is that
The work on our strategic review is ongoing, and I look forward to presenting our updated approach and exciting journey ahead to you in the fourth quarter.
For further information, please contact:
Telephone: +46 (0)418-47 60 00
Telephone: +46 (0)418-47 60 00
Jenny Boström, Investor Relations Manager
Telephone: +46 (0)418 47 62 01
Email: ir@haldex.com
This information is such that
Full interim report
The full interim report is available at https://www.haldex.com/en/corporate/investors or at http://news.cision.com/haldex
Investor presentation
Investors, analysts, and media are invited to an online presentation of the report on
The teleconference will be broadcasted live on the web.
Link to webcast and numbers to the teleconference:
https://financialhearings.com/event/13301
The recorded webcast will be available afterwards, and both the interim report and the presentation can be downloaded from the
About
Over 100 years of powerful innovation gives
This document is essentially a translation of Swedish language original thereof. In the event of any discrepancies between this translation and the original Swedish document the latter shall be deemed correct.
https://news.cision.com/haldex/r/haldex-interim-report--july---september-2021,c3437147
https://mb.cision.com/Main/1432/3437147/1483892.pdf
(c) 2021 Cision. All rights reserved., source