Leoni has posted second-quarter consolidated net income more than doubling to EUR58.6m (US$69m) with sales rising 8% to EUR1.2bn.

Adjusted for non-operational effects, EBIT rose by around 4% to EUR62m in the period from April through to June this year and by slightly more than 26% to EUR114m in the first six months.

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After-tax profit for the first six months was up from EUR35.9m to EUR92.2m.

The Wiring Systems Division (WSD) increased sales by around 8% to EUR774m in the second quarter of 2017 and by more than 10% to EUR1.5bn in the first six months.

In particular, this involved growth in business with key European carmakers, which outpaced the market of vehicles produced. Sales of high-voltage cable harnesses and components for electric and hybrid vehicles rose to EUR19.4m in the period from January to June.

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The WSD’s order book for the next five years was up from EUR14bn to EUR15.6bn at the end of June. The order backlog for vehicles with alternative drive technologies increased to EUR628m.

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In the Wire & Cable Solutions (WCS) Division, sales were up 7% to EUR462m in the second quarter of 2017 and by around 8% to EUR937m in the first six months.

Against the backdrop of earnings performance in the first half which exceeded expectations, Leoni at the end of July raised its EBIT guidance for fiscal 2017 from previously EUR180m to EUR200m, to now between EUR190m and EUR210m.

The sales forecast remains unchanged with an increase of around 4.5% to about EUR4.6bn. If metal prices were to hold at the level of the first six months later in the year, however, this sales target will probably be exceeded.