Ursensollen, Germany – Sales at Grammer in the second quarter rose by 13.3% compared to the same quarter in 2022. It was up from €1.03bn last year to €1.17bn this. EBIT also increased significantly.
Both of its divisions reported double-digit revenue growth, with performance slightly better in the automotive division, which was up by 14.6% to €752m. In commercial vehicles, revenues of €421m represented a 11.1% increase.
The company said that the growth was driven by improved performance in both Asia-Pacific and the EMEA regions. In the former, there was a bounceback from the Covid-related subdued performance in 2022 in the light of lockdowns in China; it said that Chinese OEMS performed particularly well recently.
Further improvement in earnings is expected in the second half of the year, although CFO Jurate Keblyte expects it will remain challenging. The company confirmed its previous guidance for the year, expecting revenues of about €2.2bn, and operating EBIT doubling to about €70m.
“Operating EBIT improved significantly thanks to the strong development of earnings in the APAC region, the improvement in operating performance in EMEA, and progress on restructuring measures in the Americas, which did, however, not reach our expectations in the first half of the year,” she said. “The second half of the year will thus remain challenging, including in view of the continuing macroeconomic and industry-specific uncertainties. We nonetheless expect to achieve our targets for this year and are anticipating a strong fourth quarter once again.”
