Gestamp has unveiled second-quarter net profit up 16.5% to EUR136m (US$158m), while revenue rose 9% to EUR2.2bn.

During the second quarter, growth was driven by good volumes of existing programmes and the ramp-up of new projects but partially offset by deeper impact of FX headwinds. The supplier recorded an EBITDA of EUR257m, which represents an increase of 11.4%. At constant FX, EBITDA would have increased by 19.6%.

"Results for the second quarter of 2018 have been strong despite the depreciation of currencies versus the Euro," said Gestamp CEO, Francisco López Peña. "Gestamp has recorded a positive performance during the second quarter with a continued focus on efficiencies in its industrial activities, resulting in an increase in profitability."

Gestamp recorded revenues of EUR4.3bn during H1 2018, 3.5% more than in H1 last year and 9.9% at constant FX, with an EBITDA of €488m, representing a 7.8% increase and 14.9% at constant FX.

Mercosur, Eastern Europe and North America have driven Gestamp's growth. In terms of reported revenue for 1H 2018, Mercosur increased by 19.7%, Eastern Europe by 18.4% and North America was up 0.8%. Asia's growth stood at 2.0% and Western Europe remained broadly flat at -0.4%.

"We have continued to focus on profitable growth, with significant investments weighted towards H1 that are expected to continue to support our business in the coming years," added Peña.

"H1 2018 results are in line with our expectations and on the right path to achieve full year guidance targets. Gestamp continues to be well positioned given its highly diversified geographical footprint and technological contribution to its customer base."

"Gestamp will continue to grow the business at a rate above the market and to take advantage of the increasing outsourcing trend."

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