Automotive components and defense equipment maker Rheinmetall AG (RNMBF.PK), Wednesday reported a negative EBIT of 19 million euros for the first quarter, down 62 million million year on year. The company stated that lower sales and restructuring costs of 5 million euros affected the results. Increased development costs in Automotive and uncovered cost structures and an altered product mix in Defence resulted in an operating loss of 14 million euros. The company further maintained its fiscal 2013 outlook intact.
For the three-month period, the company reported sales of 962 million euros, a 13 percent decline from 1109 million euros during the corresponding quarter last year. Defence segment sees significant decline in sales reporting 363 million euros for the quarter, compared to 471 million euros last year. Automotive sector was affected by weaker economy and restructuring measures, and generated revenues of 599 million euros compared to 638 million euros during the same period last year.
For the full year, Rheinmetall is retaining its guidance for Group sales of between 4.8 billion euros and 4.9 billion euros and EBIT before restructuring costs of between 240 million euros and 260 million euros. The Defence sector is still expected to generate sales of approximately 2.4 billion euros and an operating result of around 130 million euros. Sales of 2.4 billion euros to 2.5 billion euros and an operating result of around 140 million euros are expected for the Automotive sector.
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