Spain’s Gestamp saw its performance decline year-on-year in the third quarter due to the setback suffered by the international automotive market as a result of the microchip supply crisis, the company says in its latest report monitored by Kallanish. Gestamp is a major supplier of components to the global automotive sector. Nine-month revenue, however, remained high.
“We remain committed to our objectives for 2021 and we have once again demonstrated our ability to grow above the market, even in a challenging and volatile context such as the current one that we are facing”, Gestamp`s executive director Francisco Riberas says. “We will continue to focus on preserving profitability, free cash flow generation and further net debt reduction,” he adds.
Gestamp’s January-September net revenue amounted to €6.01 billion ($7.03 billion), up 15.6% on-year.
In Q3 alone, net revenue was €1.80 billion, down 11.3% y-o-y. The form total, body-in-white and chassis segments together represented €1.48 billion.
Revenue from Western Europe reached €644.7 million, 22.3% less y-o-y. This region registered a decline in volumes y-o-y due to the microchip shortage impact. As a result, production decreased by 29.6% versus Q3 2020. The drop has been well spread across the region, with Germany, the United Kingdom and France having the strongest falls, while Morocco has been the only country in the region to see positive growth in the quarter.
Eastern Europe revenue in Q3 increased by €300,000 to €296.2m, while in Asia it fell 1.6% to €267.4m.
Gestamp saw its activities in the Americas also decrease. In North America, revenue dropped by €39.3m to €474m, while earnings from the South American market were down by €7.1m to €120.8m.
The company’s Q3 Ebitda was €202.5m, 17.1% less y-o-y, while nine-month earnings reached €700.7m or 52.3% more over the same period in 2020.
Todor Kirkov Bulgaria
