News

Successful third quarter: SGL Carbon benefits from its savings program

The carbon fiber specialist SGL Carbon continued to grow thanks to its savings program in the summer. Although the company was only partially able to pass on increased prices for raw materials, energy, transport and logistics to its customers, sales and profits increased significantly compared to the previous year. After difficult years, the Management Board therefore sees SGL on course to meet its goals for 2021, as the company announced in Wiesbaden on Thursday.

This was well received at the stock exchange. The price of the SGL share rose at times in the morning by a good six percent. At lunchtime, the share was still one of the strongest stocks in the SDax small cap index, with a plus of 4.8 percent to 9.14 euros. Since the turn of the year, the rate has meanwhile increased two and a half times. Looking at the past three years, however, there is a minus of five percent.

Profit increased significantly

In the third quarter, SGL achieved sales of almost 247 million euros, almost nine percent more than a year earlier. Adjusted operating earnings before interest, taxes, depreciation and amortization (adjusted Ebitda) jumped a good 40 percent to almost 37 million euros. The surplus increased from around ten million to almost 25 million euros – also because a high depreciation had been incurred in the previous year. SGL now expects stable sales and earnings in the fourth quarter.

In view of this, the board of directors around SGL boss Torsten Derr is sticking to the forecasts that it raised in the summer. Accordingly, sales should reach around one billion euros this year. The adjusted operating profit should be between 130 and 140 million euros, and the group result should be slightly positive. From today’s perspective, the increased costs for raw materials, energy and transport should only have a limited impact on the forecast, it said.

Problematic years

SGL has had difficult years. Structural changes in important industries such as the automotive and aviation sectors troubled the company. In addition, planning errors had become known in 2019. The company had to lower its forecast and also bury its medium-term ambitions. The boss at the time, Jrgen Khler, took off his hat.

After that, the corona pandemic hit the company clearly. Red numbers were the result. In autumn 2020, the new boss Torsten Derr announced an extensive savings program: Among other things, every tenth position should be cut. The renovation made a significant contribution to the sales and earnings development in the third quarter, it was now said.

The car manufacturers BMW and VW as well as BMW major shareholder Susanne Klatten have a stake in SGL Carbon through their subsidiary Skion. (dpa / swi)

Also read:

Light at the end of the tunnel: focus on carbon fiber specialist SGL Carbon

Carbon fiber specialist: SGL Carbon benefits from its savings program

Business is ongoing, restructuring is taking effect: SGL Carbon raises forecast for 2021

From the data center:

The 100 top-selling automotive suppliers worldwide in 2020

Source link

Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button