Johnson Electric has posted Group sales for the quarter ended 30 June of US$753m compared to US$686m in the same quarter in 2016 – an increase of nearly 10%.
Excluding currency effects and the acquisition impact of AML and Halla Stackpole, sales increased by nearly 6% to US$706m. Foreign exchange rate movements, particularly lower average rates for the Chinese renminbi, the euro and the Canadian dollar against the US dollar compared to the same quarter last year, had an adverse impact of US$15m on the Group’s sales.
Automotive Products Group excluding currency effects and the acquisition impact of AML and Halla Stackpole, increased US$23m or 4%, compared to the same period last year.
“Our Automotive Products Group continued to deliver solid organic growth despite a quite noticeable slowdown in overall market demand in North America and China compared to the same period a year earlier,” said Johnson Electric chairman and chief executive, Patrick Shui-Chung Wang.
“The operating environment remains rather mixed with the highly unpredictable global political landscape being perhaps the most significant risk to the global economy at the present time.
“Notwithstanding these uncertainties, the Group is off to a good start in the current financial year with market share gains and significant new business awards across several key automotive and industry applications.”