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July 27, 2021

Gestamp records Q2 net profit of EUR32m

Spanish supplier records improved Q2 net profit.

By Simon Warburton

Gestamp has posted second-quarter net profit of EUR32m (US$37m), despite the period being affected by the semiconductor shortage.

Revenue rose 96% to EUR1.97bn, at constant FX compared to the second quarter of 2020.

Gestamp reported revenue and EBITDA for H1, 2021 of EUR4.08bn and EUR498m respectively. Net profit was EUR83m during the period, which reflects what the supplier says is a “significant improvement” compared to H1, 2020, when it recorded EUR-120m, significantly impacted by COVID-19 crisis.

“Gestamp has delivered a solid H1, 2021 versus H1, 2020 figures and the Group will continue working on improving the efficiency and added value of the company,” said Gestamp executive chairman, Francisco Riberas.

“We continue to follow closely the uncertainties of the automotive market around semiconductor shortage impact but we maintain our 2021 guidance, improving it on capex to revenues ratio and net debt level.”

“At Gestamp, we have been working for years with specific products for electric vehicles such as the Battery Box. Thus, among other projects, we are leveraging the projects around Next Gen EU funds in our commitment to the new challenges of a more sustainable mobility.”

https://www.gestamp.com/Media/Press/Press-Releases/2021/Gestamp-reached-%E2%82%AC83m-net-profit-in-the-first-half-of-the-year

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