Beijer Alma: Interim report January-September 2013

UPPSALA, Sweden--()--Regulatory News:

Beijer Alma (STO:BEIAB):

Improved quarterly earnings

  • Net revenues amounted to MSEK 753 (652) for the third quarter and MSEK 2,293 (2,101) for January-September.
  • Profit after net financial items totaled MSEK 100.3 (76.1) for the third quarter and MSEK 288.3 (266.8) for January-September.
  • Earnings per share amounted to SEK 2.55 (1.84) for the third quarter and SEK 7.32 (6.46) for January-September.
  • Cash flow excluding corporate acquisitions totaled MSEK 80 (91) for the third quarter and MSEK 209 (222) for January-September.
  • The balance sheet remained strong and the net debt/equity ratio was 11.6 percent (8.8).

CEO’s comments

The recovery that began in the second quarter continued and strengthened during the third quarter. This improvement was particularly evident in Lesjöfors, which primarily benefitted from strong demand in Chassis Springs. Habia also reported growth, while Beijer Tech experienced somewhat weaker sales than in the year-earlier period. The Group’s total invoicing amounted to MSEK 753, up 15 percent year-on-year. In comparable units, invoicing increased 8 percent. This higher invoicing volume contributed to strong earnings and margin trends. Profit after net financial items totaled MSEK 100, up 32 percent compared with the corresponding period in the preceding year. The operating margin increased from 12.2 percent to 13.7 percent. Both Lesjöfors and Habia contributed to the positive margin trend. Cash flow remained strong and amounted to MSEK 80 for the quarter, which resulted in net debt declining to MSEK 178. The strong balance sheet will provide the Group with excellent opportunities to grow organically and through acquisitions.

Lesjöfors experienced a strong trend during the quarter. The order backlog rose and invoicing increased by 28 percent to MSEK 423. In comparable units, the rate of growth was 20 percent. Lesjöfors experienced the greatest growth in the Chassis Springs business area, increasing 56 percent during the quarter. Accumulated, since the beginning of the year, sales of chassis springs have risen 31 percent. All markets are performing well and the strongest growth is being experienced by the German market. Sales also increased in Industrial Springs and Flat Strip Components during the third quarter. The strong growth in Chassis Springs in particular bolstered Lesjöfors’ earnings and margin trends. Operating profit increased 42 percent during the third quarter to MSEK 83.

Habia’s invoicing grew 4 percent during the third quarter to MSEK 151. Telecom and other product areas reported higher invoicing year-on-year. The order backlog declined during the quarter due to lower order bookings from industrial customers and delayed orders from nuclear-power customers. However, business activity in the nuclear-power area remains high, which should lead to improved order bookings in the coming quarters. Demand from telecom customers remains robust. Habia holds a strong global market position in cables for base-station antennas and the build-out of the mobile network, particularly in China, is contributing to demand for the company’s products. Improved sales volumes contributed to an increase in Habia’s operating profit from MSEK 13 to MSEK 15.

Beijer Tech’s invoicing rose 1 percent to MSEK 178 during the third quarter. In comparable units, however, invoicing declined 9 percent. The rate of the decline was lower than in previous months. In the past quarter, invoicing was primarily weaker in Fluid Technology, while sales in Industrial Products remained relatively unchanged. Operating profit declined from MSEK 12 to MSEK 10, due primarily to non-recurring costs in the Industry business area. Adjusted for these costs, both earnings and the operating margin were in line with the year-earlier period.

Bertil Persson President and CEO

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Contacts

Beijer Alma
Bertil Persson
President and CEO
Telephone +46 8-506 427 50
bertil.persson@beijeralma.se
or
Jan Blomén
Chief Financial Officer
Telephone +46 18-15 71 60
jan.blomen@beijeralma.se

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Contacts

Beijer Alma
Bertil Persson
President and CEO
Telephone +46 8-506 427 50
bertil.persson@beijeralma.se
or
Jan Blomén
Chief Financial Officer
Telephone +46 18-15 71 60
jan.blomen@beijeralma.se