The automotive supplier HELLA made a loss at the start of the new fiscal year with lower sales.
The negative effects of the corona pandemic on the automotive industry can still be felt. However, the outlook for the coming months is “relatively positive,” said HELLA-CEO Rolf Breidenbach. The signs of a certain market recovery in the course of the current financial year have recently intensified.
In the first three months of the 2020/21 financial year to the end of August, sales fell by 14 percent to 1.34 billion euros, according to the quarterly report. The adjusted EBIT was reduced by half to 56 million euros, the adjusted EBIT margin was accordingly 4.2 (previous year: 7.3) percent. Due to provisions of 169 million euros, HELLA posted a negative reported EBIT of 115 (plus 111) million euros. The company put the net loss at 87.7 million; in the same quarter of the previous year HELLA had earned 76.8 million euros.
“The environment is still very challenging for the entire automotive industry,” said Breidenbach. “Global vehicle production continued to decline in the first three months of the new fiscal year, but not as significantly as initially assumed.”
For the financial year, HELLA GmbH & Co KGaA is planning currency- and portfolio-adjusted group sales of EUR 5.6 billion to EUR 6.1 billion. The adjusted EBIT margin should reach 4.0 percent to 6.0 percent.
HELLA defy the gloomy market on Tradegate – numbers are convincing
HELLA shares braced themselves a little in pre-market trading on Thursday against the weakly expected overall market. On the Tradegate trading platform, the papers of the lighting and electronics specialist were quoted 0.42 percent above the Xetra closing price on Wednesday.
Experts expressed their confidence accordingly. At first glance, HELLA had a solid start into the new financial year, wrote for example analyst Jose Asumendi from the US bank JPMorgan. Asumendi sees further scope for the annual targets. FRANKFURT (Dow Jones / dpa-AFX)