Gestamp has posted first-quarter net profit up 14% to EUR62.8m (US$75m), with revenue increasing 3.8%.
Revenue and EBITDA growth has mainly been driven by Eastern Europe and Mercosur with the margin moving above 11% supported by the increase in profitability in Western Europe, Mercosur and NAFTA.
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Revenue growth was also negatively impacted by lower tooling sales in the quarter as well as Easter holiday seasonality in some regions.
“These results are in line with our expectations and on the right path to achieve full year guidance targets,” said Gestamp CEO, Francisco López Peña, adding the Group registered “a well-balanced set of results between regions both in terms of growth and profitability with a continuous improvement in NAFTA as launch costs are reduced and projects start to ramp up.”
Gestamp announced its financial results for Q1 on the same day the Annual General Meeting was held in Bilbao.
Net profit attributable to Gestamp Group was EUR239.7m for the year ended December, 2017.
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By GlobalDataGestamp executive chairman, Francisco Riberas noted the Spanish supplier: “Is a growth company with an ambitious plan to open new plants in different geographies such as America, Asia, Europe and Africa.
“”We will keep focusing on Asia, as we need to be more relevant in this growing market that concentrates most of the car production worldwide.”
