DETTINGEN AN DER ERMS (dpa-AFX) - ElringKlinger AG (EGKLF.PK), a German car spare parts maker, reported Thursday that its second-quarter net income after minorities was 2.4 million euros, compared to last year's loss of 94.1 million euros.
Earnings per share were 0.04 euro, compared to loss of 1.49 euros a year ago.
ElringKlinger achieved adjusted EBIT of 24.8 million euros, up from 1.8 million euros last year. Adjusted EBIT margin was 5.3 percent, up from 0.4 percent in the prior year.
Group revenue was up 8.8 percent to 468.7 million euros from 430.6 million euros a year ago. Adjusted for currencies, revenue increased 10.9 percent.
Order intake, meanwhile, declined 17.5 percent from last year to 373.8 million euros. Order backlog was 1.35 billion euros, down 12.8 percent.
Looking ahead for fiscal 2023, ElringKlinger continues to expect its organic revenue growth as a whole to be significantly above the rate of change in global light vehicle production.
Annual vehicle production output is projected to expand by 5.3 percent according to the latest estimates by industry service provider S&P Global Mobility issued in July 2023.
As for adjusted EBIT in 2023 as a whole, ElringKlinger still expects a margin of around 5 percent. The Group has also confirmed its other metrics for 2023.
In the medium term, the firm continues to anticipate stronger organic growth compared to global automotive production levels and continues to expect to improve the level of its adjusted EBIT margin gradually over this period.
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