Gestamp, the Spanish-headquartered supplier of components to the global automotive sector, has maintained its solid long-term growth trajectory, the company says This despite having a third quarter with more challenges than expected as a result of market conditions, Gestamp adds in its Q3 report monitored by Kallanish.
“Gestamp’s performance has been in line with our expectations for the first nine months. During this period, we have continued to invest in high-value projects that will result in profitable growth in the future, ” says the company`s ceo Francisco López Peña. “Manufacturers continue their focus on the new electric vehicles. These programmes should present commercial opportunities for which Gestamp is well positioned, given its experience in offering weight-loss solutions,” he adds.
Gestamp has extended its production facilities adding five new plants to its business up to the end of September 2018. The company has also announced the operational start of its first plant in Japan by the end of October.
Western European sales fell by -1.9% to €3.0 billion ($3.4 billion), while in Eastern Europe they increased by 20.4% to €841.4m in the January-September period. The sub-regional Latin-American trading bloc Mercosur sales rose to €426.0m or 8.6% more year-on-year. North America sales were up by 8.4% y-o-y to €1.16 billion, while Asia market sales were down by -7.3% y-o-y to €720.5m, Gestamp says.
During the first nine months of 2018 the company posted an operating profit of € 366.4m or 14.1% more than the same period of last year. Ebitda was up by 8.6% to €681.4m y-o-y on the same basis.