Amberg, Germany – Grammer saw consolidated revenue grow 6.7% to EUR 345.8m ($371m ) in the third quarter of 2015 compared to the same period in 2014.
Revenue growth was due to increased sales in the automotive seating sector, but earnings before interest and tax were down from EUR 12.2m in Q3, 2014 to EUR 5.1m due to the cost of product launches, plant expansion and customer holidays in July and August, said the firm.
Grammer added that in the first nine months of the year, seating systems business revenues were EUR343.3m down 6.9% on the previous year, due to “ongoing weakness in important sales regions.”
The company singled out sales in the Brazilian truck and Chinese commercial vehicle market as areas with greatly reduced vehicle production which hit sales and profits.
Grammer added that it expects its earnings before interest and taxes to be around EUR42m for the full year as sales into the automotive sector are growing quickly.
XE:Currency conversion 10 Nov 2015