SAF-HOLLAND SE: Adjusted EBIT margin of 6.4 per cent for the third quarter of 2020 significantly better than the value for the previous year's quarter - outlook for the full year unchanged for the time being
SAF-HOLLAND SE: Adjusted EBIT margin of 6.4 per cent for the third quarter of 2020 significantly better than the value for the previous year's quarter - outlook for the full year unchanged for the time being
Bessenbach, October 20, 2020. SAF-HOLLAND SE, one of the world's leading suppliers of trailer and truck components, achieved an adjusted EBIT margin of 6.4 per cent in the third quarter of 2020 on consolidated sales of slightly more than EUR 232 million (previous year: EUR 313.2 million) on the basis of the preliminary figures, significantly exceeding the pre-corona value for the same quarter of the previous year of 5.4 per cent. Due to the significant sales decline adjusted EBIT decreased from EUR 17.0 million to EUR 14.9 million.
The positive development of the adjusted EBIT margin is primarily based on the high-margin spare parts business, which is less affected by economic cycles, as well as on significant savings in selling and administrative costs.
In light of the recent sudden rise in the number of COVID-19 infections, business development in the fourth quarter is subject to major uncertainties. Consequently, the Management Board of SAF-HOLLAND SE has decided not to adjust the outlook for the full year 2020 at present. However, if the business climate continues to improve as it has in recent weeks, an adjusted EBIT margin above the currently expected range of 3 to 5 per cent is feasible.
SAF-HOLLAND will publish the complete quarterly statement as at September 30, 2020 on November 18, 2020.