Source: Haldex announcement
LANDSKRONA, Sweden – Haldex reported a strong third quarter of 2021 with a net sales increase of 25 percent to SEK 1,203 million and a reported operating profit of SEK 96 million.
The company published the following interim report, the entirety of which can be found by clicking HERE.
- 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 net SEK 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 totaled SEK -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 executive vice president (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 Jean-Luc Desire, President & CEO:
“This marks my first complete quarter as CEO for Haldex, and I am pleased to see a strong recovery in most of our markets and segments, despite continued challenging market conditions. Financially, net sales showed strong improvement and reached SEK 1,203m (964) in the third quarter, equivalent to an organic growth of 26 percent. While the growth is in comparison to a challenging third quarter last year, we see improved underlying demand from our customers, and according to our assessment of external market data, we are taking market share. Net sales increased 4 percent compared to the previous quarter. Net sales year-to-date amounted to SEK 3,421m (3,019), corresponding to an organic growth of 21 percent.”
The entire report can be found by clicking HERE.