Burgos, Spain – Sales were down 10% in the first nine months of 2024 for automotive interiors specialist Antolin, falling to €3.17bn. However, the company said it still managed to improve its margins despite the decline in automotive sales in an increasingly challenging and volatile market environment.
Global vehicle production was sluggish at the start of the year, the company said, and has declined further since then. In the third quarter, there was a 4.9% year-on-year drop in global vehicle production to 2.15m units, according to data from S&P Mobility.
EBITDA was up by 6.6% at €265m. It attributed the rise to the efficiency and cost control measures implemented under its transformation plan. Operating profit was up 25% to €88.3m.
Margins increased in Q3, with the EBITDA margin rising to 8.4%, up 0.5 points on the figure achieved in the same quarter last year. The operating profit margin was also up in the quarter, by 0.2 points to 2.7%.
Looking regionally, sales were up 4% to €589m in the nine month period, led by growth in India. However, in Europe and the rest of the world, they were down 12% to €1.55bn. This was impacted in the third quarter by the sale of its Ebergassing plant, and also the conclusion of some projects in the UK. Reduced order volumes led to a 14% drop in sales to €1.04bn in North America in the light of reduced order volumes from key clients, and some projects coming to an end.
The tightening market conditions have led the company to revise its 2024 sales forecast down, and it now expects full year sales to be about €4.2bn. However, it expects growth to resume in the US as new projects are launched in the coming months.
To see all the latest financial results, please visit
https://www.utech-polyurethane.com/topic/financial
