ElringKlinger sees small profit fall in first nine months

ERJ staff report (DS)

Dettingen/Erms, Germany -- In the first nine months of 2008, the ElringKlinger Group lifted sales by 13.9 percent to EUR 524.0 (460.0) million. Sales grew by almost 16 percent in the third quarter alone.

Profits, however, were affected by the downturn. In the first nine months of 2008, EBIT fell by 14.5% to EUR 78.0 (91.2) million. In the third quarter, the ElringKlinger Group recorded EBIT of EUR 17.6 (29.1) million. Adjusted for non-recurring effects, EBIT before purchase price allocation stood at EUR 19.0 million, which corresponds to an EBIT margin of 10.9%.

ElringKlinger said, "In the third quarter the marked slump in the number of vehicles sold by a large segment of the automobile industry in both the US and Europe was reflected in order intake."

The company said, "In view of the severe crisis to have engulfed the world's automobile markets and the uncertainties among customers and consumers as to the future direction of the economy, an overall assessment of future market development should be viewed against the backdrop of more significant risk, which in turn reduces the accuracy of projections concerning the volume of components requested by customers as part of their delivery schedules."

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