SHW AG reports first quarter 2013 results
May 8, 2013
SHW AG, a leading supplier of pumps, engine components and brake discs has reported group sales of €84.9 million in Q1 2013, reaching almost the same level as in the previous year (EUR 85.4 million). Net income for the period amounted to € 2.9 million, compared to €5.2 million in the previous year.
Based on new product launches and a growing demand for gearbox and variable oil pumps, the Pumps and Engine Components business segment recorded a growth in sales of 2.1% to €63.6 million. The Passenger Car division contributed 6.4% to the sales growth to €49.5 million.
In the Powder Metallurgy division, however, sales declined by 11.7% to € 6.7 million, compared to the previous year (€7.6 million).
The Truck & Off- Highway division continued to be subjected to the difficult market environment for commercial vehicles, recording sales of €7.4 million (previous year: €8.2 million).
In the first three months of 2013 sales in the Brake Discs business segment declined by 8.1% to €21.2 million as a result of the economic situation and lower material surcharges.
In the first three months of 2013, the number of composite brake discs sold rose by 39.7% to approximately 50,200 (previous year: 35,900). Sales of monobloc brake discs, on the other hand, fell by a total of 15.4% to 909,000 units (previous year: 1.074 million units). Overall, brake discs sales declined by 13.6% to 959,000 units.
As a result of new product launches and the construction of a new logistics facility in Bad Schussenried, investments in the first quarter of 2013 rose by €3.1 million compared to the prior year, reaching €8.0 million. At the same time, research and development costs rose by 18.9% to €2.0 million (prior year: €1.7 million).