By Pierre Bertrand

Grammer, the German car-part supplier, has announced its financial results for the second quarter of 2021. The company reported a quarterly net loss of €3.2 million ($3.5 million), which is a significant improvement compared to the €17.5 million loss reported in the same period last year. This positive development can be attributed to the recovery from pandemic lockdowns in China, as well as improved cost management and procurement processes.

The company's revenue for the quarter grew by 12% to reach €583.5 million. Earnings before interest and taxes (EBIT) and operating EBIT stood at €6.8 million and €13 million respectively, which aligns with the preliminary figures shared by Grammer on July 12.

Grammer highlighted the strong performance of its EMEA regions and the Asia-Pacific market. Revenue from the Asia-Pacific market experienced an impressive growth of 46% in the second quarter.

Looking at the first half of the year, both the automotive and commercial vehicles divisions of Grammer achieved double-digit revenue growth.

The company remains confident in its guidance for 2023 and anticipates a particularly robust fourth quarter to further enhance its second-half earnings this year.

L'Occitane International's Shares Surge on Controlling Shareholder's Proposed Buyout Offer

Nikola Faces Setback with Battery Recall

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

Rising Mortgage Rates Dampen Housing Market
News

Rising Mortgage Rates Dampen Housing Market

Rising mortgage rates are discouraging potential homebuyers and leading to a decrease in demand for home purchases and r...

Burger Chain Wars Heat Up this Halloween
News

Burger Chain Wars Heat Up this Halloween

McDonald's is reintroducing its popular Boo Buckets for Halloween, replacing Happy Meal boxes with plastic trick-or-trea...

Silvergate Capital Corp. Announces Leadership Changes
News

Silvergate Capital Corp. Announces Leadership Changes

Silvergate Capital Corp. reveals key management changes, including the departure of CEO and CFO. Find out about new lead...

China's Services Sector Sees Continued Recovery in July
News

China's Services Sector Sees Continued Recovery in July

The Caixin services purchasing managers index rose to 54.1 in July, indicating a further rebound in China's services sec...