ElringKlinger issues profits warning on downturn

ERJ staff report (DS)

Dettingen/Erms, Germany -- ElringKlinger AG has downgraded its sales and earnings outlook for fiscal 2008. The company said the reduced forecast comes despite the standard cautionary deductions already factored into its forecast and a business performance that is considerably better than that of the market as a whole. In a statement, the company blamed the decision on a, "significant decline in vehicle production in North America and Europe as well as the recent fall in the volume of OE customer call-offs as part of their delivery schedules, a downward trend which has been significantly more severe than the usual fluctuations seen within this area."

The Group´s consolidated net income adjusted for non-recurring effects (after minority interests) for 2008 is thus expected to reach EUR 55.0 mn to EUR 56.0 mn compared to EUR 67.2 mn a year ago.

ElringKlinger does not anticipate a significant improvement in the general economic and market climate in 2009, particularly with regard to the first half of the year, and is preparing itself for continued market weakness in North America and Europe as well as less pronounced growth in vehicle sales within the emerging markets.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from ElringKlinger