Bekaert reports strong volume growth, offset by currency impact

ERJ staff report (TP)

Kortrijk, Belgium – Bekaert reports a strong start to the year with a solid volume increase driven by higher demand in Europe and Asia. The organic sales growth was, however, more than offset in Bekaert's top-line due to the adverse effects of currency movements.

In the first quarter of 2014 Bekaert achieved consolidated sales of €782m and combined sales of €990m, a decrease of 2.1 and 4.4 percent respectively, compared with the first quarter of 2013. On a constant currency basis, Bekaert's revenues increased by more than 4 percent.

Consolidated sales increased 4.2 percent organically. Exchange rate effects (-5.9 percent) and the net effect of acquisitions and divestments (-0.4 percent) cancelled out the growth entirely.

Combined sales increased by 4.9 percent on an organic basis. A substantially weaker Brazilian real added to the negative currency impact at the combined level (-8.2 percent), while acquisitions and divestments had little effect (-0.3 percent).

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Press release from Bekaert