Kendrion N.V. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reiterates Revenue Guidance for the Year 2018
February 21, 2018 at 08:23 am EST
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Kendrion N.V. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total revenue and other income of EUR 109.5 million compared to EUR 108.0 million a year ago. Result before net finance costs was EUR 3.9 million compared to EUR 4.3 million a year ago. Profit before income tax was EUR 3.2 million compared to EUR 3.2 million a year ago. Profit was EUR 2.6 million or 0.19 per basic and diluted share, based on weighted average compared to EUR 3.1 million or 0.23 per basic and diluted share, based on weighted average a year ago. EBITDA was EUR 11.1 million compared to EUR 12.0 million a year ago. EBITA was EUR 6.0 million compared to EUR 6.9 million a year ago.
For the year, the company's total revenue and other income was EUR 461.8 million compared to EUR 443.5 million a year ago. Result before net finance costs was EUR 28.7 million compared to EUR 21.7 million a year ago. Profit before income tax was EUR 25.8 million compared to EUR 18.6 million a year ago. Profit was EUR 19.5 million or 1.44 per diluted share, based on weighted average compared to EUR 14.9 million or 1.12 per basic and diluted share, based on weighted average a year ago. Net cash flows from operating activities were EUR 39.3 million compared to EUR 44.2 million a year ago. Investments in property, plant and equipment were EUR 24.6 million compared to EUR 20.9 million a year ago. Investments in intangible fixed assets were EUR 4.5 million compared to EUR 2.9 million a year ago. EBITDA was EUR 57.3 million compared to EUR 51.4 million a year ago. EBITA was EUR 37.0 million compared to EUR 31.1 million a year ago. Free cash flow was EUR 11.0 million compared to EUR 21.3 million a year ago.
For the year 2018, the company expects its revenue to increase, driven mostly by growth in the Passenger Cars business unit. The company reiterates expectation to grow annual revenue by an average of 5%.
Kendrion N.V. specializes in the design, manufacturing and marketing of intelligent actuators that help advance the global push towards automation, electrification and cleaner forms of energy in a wide range of industrial and automotive applications. These actuators can be found in wind power turbines, robots, warehouse automation, electric vehicles, energy distribution and industrial heating processes. Net sales break down by business segment as follows:
- Automotive (50.5%): electromagnetic systems and components for passenger cars and commercial vehicles;
- Industrial (49.5%): industrial actuators and controls (solutions based on electromagnetic actuators, control technology and fluid technology) and industrial brakes (electromagnetic brakes for electromotors).
Net sales are distributed geographically as follows: Netherlands (2.9%), Germany (59.7%), Europe (18.7%), Americas (10%) and Asia (8.7%).
Kendrion N.V. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reiterates Revenue Guidance for the Year 2018