EDAG Engineering Group AG: Strong sales growth and disproportionate earnings increase in Q3
Arbon, November 8th 2018.
EDAG, leading independent engineering services provider to the global automotive industry, records uninterrupted growth momentum also in the third quarter of the current year. Cumulative sales for the first nine months of the year were increased by 10.7 percent to 588.1 million Euros (previous year: 531.3 million Euros). The adjusted EBIT rose disproportionately by 43.7 percent to 37.8 million Euros; margin levels at 6.4% (previous year: 5.0%).
All three segments of the EDAG Group developed positively. Free Cash-Flow was increased by 18 percent to 5.2 million Euros. EDAG Group has also realigned its financing by issuing a promissory note loan in the amount of 120 million Euros. The company is thus financially well positioned for further growth. At September 30th 2018, the EDAG Group employed 8,599 people (previous year: 8,312 employees).
"The very good nine-month result confirms the course we have set with our growth program "REinvent". We will continue to systematically implement this program in order to optimally exploit the opportunities in our dynamically growing market", explains Cosimo De Carlo, CEO of the EDAG Group. "EDAG plays a decisive role in developing the mobility of the future and positions itself as one of the most innovative partners of the global automotive industry."
Against the background of the positive development in the first nine months and the intact market environment, management had already revised its forecast for the full year 2018 on October 16th. For the current year, revenue growth of at least 8% and an adjusted EBIT margin of around 5-7% are now expected.
EDAG is an independent engineering services provider to the global automotive industry. The company serves leading domestic and international vehicle OEMs and sophisticated automotive suppliers through a global network of about 60 sites in major automotive centres of the world.
EDAG offers complementary engineering services across its Vehicle Engineering, Electrics/Electronics and Production Solutions businesses. Based on these extensive capabilities, EDAG can support clients across the entire value chain from the original design idea to product development and prototype construction all the way to the delivery of turnkey production systems. As a technology and innovation leader, EDAG also operates established centres of excellence that design landmark technologies for future applications in the automotive industry: lightweight construction, electric mobility, car IT, integral safety and new production technologies.
In financial year 2017, the company generated revenues of EUR 717 million and an adjusted EBIT of EUR 32.6 million. As at 31 December 2017, 8,404 employees (including apprentices) worked for EDAG in 19 countries.
This release contains forward-looking statements. These statements are based on current estimates and projections of EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.
End of Media Release
Issuer: EDAG Engineering Group AG
Key word(s): Services
|Company:||EDAG Engineering Group AG|
|Phone:||+41 71 54433-0|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart|
|End of News||DGAP Media|