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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- Despite the challenging circumstances in America, Grammer, a prominent vehicle construction company based in Amberg, Germany, is still anticipating earnings significantly higher than the previous year's.
- The announcement from Grammer, an automotive supplier with significant operations in Bavaria, highlighted that their earnings forecast for the current quarter fell short of the previous year's level.
- The American market, a crucial segment for the extensive industry of Grammer, which manufactures various vehicle components in Germany, has not delivered the expected earnings boost as planned.
- The earnings forecast of Grammer, a key player in the automotive industry with a significant presence in America, was revised downwards due to various factors including fluctuating capacity utilization and currency losses.
Source: www.stern.de
