Kongsberg Automotive Holding ASA (OSE: KOA) reported quarterly earnings on Thursday after market close. The car parts manufacturer’s second quarter sales were 256,6 million, with a negative currency effect of 9,3 million. In first quarter interim report, Kongsberg Automotive was predicting approximately 260 million revenue on Q2. Now the prediction is for 225 million in Q3 revenues (down mainly due to seasonal factors) and 985 million for the year.
Net profit for second quarter was 1.9 million Euro, which was up from minus one million a year ago but down markedly compared to 14.3 million Euro in Q1 2011. Kongsberg Automotive expects 105 million EBITDA for 2011. The company feels that there aren't any signs of major negative changes in the overall trendlines of the industry. Production transfer from UK to Poland is ahead of schedule and will close in August.
Markets were disappointed by the numbers. The company did announce a new contract for driveline systems worth 25 million but it did little to halt the stock price retreat. The stock closed down 9.44%. Full interim report is available here.
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