DGAP-Media: EDAG Engineering Group AG: Significant increase in revenues and earnings in Q1 2018 - strong order intake - guidance confirmed
Significant increase in revenues and earnings in Q1 2018 -
Arbon, 9 May 2018. EDAG, a leading independent engineering services provider to the global automotive industry, had a successful start into the fiscal year 2018. Revenues in the first three months increased by 8.3% to EUR 193.7 million (previous year: EUR 178.8 million). The adjusted EBIT increased disproportionally by 9.1% to EUR 12.0 million (previous year: EUR 11.0 million). The order intake was particularly positive. Orders amounting to EUR 256.1 million were won, an increase of 16.5% over the previous year. On March 31st 2018, EDAG had 8,364 employees (previous year: 8,136 employees).
CFO Juergen Vogt is optimistic for the further development: "The good start into the fiscal year 2018 is mainly based on two factors. On the one hand, the market environment for Engineering Services Provider is brightening. In addition to the high R&D budgets of our domestic OEM, international customers make an increasing contribution to our growth. On the other hand, the strategic measures taken in the last year are having a positive initial impact." The new CEO Cosimo De Carlo explains: "We have a very good basis with a high technical competence. Buil- ding on this, we are consistently aligning the EDAG Group as an innovative partner to the global automotive industry. We will keep the pace high, in order to sustainably strengthen the EDAG Group in its innovativeness, its positioning as an excellent employer and its profitability."
The Group Executive Management is confident for the current fiscal year and confirms the gui- dance. For the full year, an increase in revenues of up to 5% and an adjusted EBIT-margin of approximately 5-7% is expected.
Outlook to the Annual Shareholder's Meeting
EDAG is an independent engineering services provider to the global automotive industry. The company serves leading domestic and international vehicle OEMs and sophisticated automotive suppliers through a global network of about 60 sites in major automotive centres of the world.
EDAG offers complementary engineering services across its Vehicle Engineering, Electrics/Electronics and Production Solutions businesses. Based on these extensive capabilities, EDAG can support clients across the entire value chain from the original design idea to product development and prototype construction all the way to the delivery of turnkey production systems. As a technology and innovation leader, EDAG also operates established centres of excellence that design landmark technologies for future applications in the automotive industry: lightweight construction, electric mobility, car IT, integral safety and new production technologies.
In financial year 2017, the company generated revenues of EUR 717 million and an adjusted EBIT of EUR 32.6 million. As at 31 December 2017, 8,404 employees (including apprentices) worked for EDAG in 19 countries.
This release contains forward-looking statements. These statements are based on current estimates and projections of EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.
End of Media Release
Issuer: EDAG Engineering Group AG
Key word(s): Services
|Company:||EDAG Engineering Group AG|
|Phone:||+41 71 54433-0|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart|
|End of News||DGAP Media|