Ursensollen, Germany – Germany-based commercial vehicle seat maker Grammer will see earnings flip into losses of EUR1m in the first quarter of 2022, compared to EBIT of 22.6m in the same quarter in 2021.
Preliminary group revenue figures are 'slightly above' the previous year's level of EUR503.7m, and are 'therefore roughly on target,' said the company.
The decline is a result of increasing material, logistics and energy costs, new coronavirus lockdowns in China and supply bottlenecks, the company said.
It added that there had been special charges of EUR4m connected with an unspecified plant in the US which also hit the EBIT numbers.
The company said it is maintaining the guidance for 2022 that was published in its recent annual report, but warns that the war in Ukraine and Chinese lockdowns may intensify, and that these could hit the numbers.