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Haldex Interim Report, January - September 2019

STOCKHOLM, Oct. 24, 2019 /PRNewswire/ -- The currency-adjusted net sales for Q3 decreased by 4 per cent compared to the same period the previous year. In North America, Haldex increased its net sales by 2 per cent during the quarter despite signs that the market is weakening. In Europe, net sales decreased by 7 percent due to a weaker market, primarily in the Trailer segment. Net sales also decreased in China primarily due to lower sales of brake adjusters compared to an unusually strong comparison quarter.The operating income excluding one-off items increased 7 per cent compared to the previous year. This increase is largely due to higher sales to the more profitable aftermarket. Cash flow from operating activities was somewhat stronger compared to the previous year.Forecast adjustment Due to the weaker market conditions, the forecast for the full year has been adjusted slightly downward. The new assessment is that net sales and the operating margin excluding one-off items will be somewhat lower than the previous year. The assessment had been made earlier that net sales would be in line with the previous year and that the operating margin excluding one-off items would be in line with or higher than the previous year. The long-term target of an operating margin of 10 per cent, excluding investments in new technology, by 2022 is still in place.
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