Industry - Automotive supplier Grammer lowers earnings forecast
The Bavarian automotive supplier Grammer has revised its annual forecast downwards. The company announced on Monday that earnings in the current quarter were significantly below the previous year's level. The reasons for this are, on the one hand, fluctuating plant capacity utilization, currency losses and a sharp rise in personnel costs. On the other hand, the efficiency and cost-cutting plans in America have not yet had the expected effect.
The targeted operating profit of around 70 million euros is not achievable. However, it is expected to be significantly higher than the previous year's 35.5 million euros, Grammer announced. The targeted Group turnover of 2.2 billion euros will probably be achieved.
Grammer manufactures headrests, armrests and center consoles for cars as well as seats for buses, trains, trucks, tractors and construction machinery. The majority shareholder is the Chinese Ningbo Jifeng Group.
Grammer press release
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Source: www.stern.de