Trelleborg's Q3 profits fall on weak auto sales
ERJ staff report (DS)
Trelleborg, Sweden -- Further signs of weakness in the automotive market have emerged with the publication of Trelleborg AB's third quarter results. The company reported healthy sales for the three months to September, but lower profits due mainly to weakness in the auto sector.
Operating profit for the quarter, excluding items affecting comparability, amounted to SEK 450 million (Euro 45 million) (previously SEK547m), negatively impacted by developments in Trelleborg Automotive. Furthermore, a temporary production disruption in a unit belonging to the offshore oil/gas segment in Trelleborg Engineered Systems hit earnings by approximately SEK 50 M.
"The third quarter was primarily affected by the negative trend in the car market in North America and Western Europe. For a long time now, we have conducted ongoing activities aimed at adjusting our organisation and cost base to the lower demand level. These efforts are gradually yielding effects and we are continuing to initiate measures to adapt our company to prevailing market conditions," said President and CEO Peter Nilsson.
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Press release from Trelleborg
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