Bulten’s Q2 report reveals an increase in sales and order bookings for the period, with the divestment of operations having an impact as expected.
Net sales amounted to SEK 1,006 (910) million, an increase of 10.5% on the same period last year, while order bookings amounted to SEK 1,289 (947) million, an increase of 36.2%.
Operating earnings (EBIT) totalled SEK 41 (55) million, equating to an operating margin of 4.1% (6.0). Adjusted operating earnings totalled SEK 51 (55) million, equating to an adjusted operating margin of 5.0% (6.0).
During the quarter, the divestment of Bulten’s Russian operation was finalised. The operation was bought by the Russian company CAR SEATS LLC, and all shares in the joint venture company previously owned by Bulten and GAZ were redeemed. A provision had already been accounted for the impact on operating profit during Q1. Divestment cost, mainly currency translation effect, related to the Russian operation, burdened the result with approximately SEK -10 million.
“The second quarter was characterized by a volatile business climate, where costs increased in tandem with fluctuations in our production. Underlying demand in the automotive industry remained strong, but unfortunately our customers’ production volumes were negatively impacted early in the quarter by widespread component shortages. On a positive note, however, at the end of the quarter the production disruptions decreased significantly, and we also finalized the closure of our operation in Russia,” said Anders Nyström, President and CEO.