Leoni AG Q1 Sales Up; Lifts FY21 Sales Outlook

LEONI AG (LEOGN) reported first-quarter consolidated net result of EUR 28 million compared to a loss of EUR 67 million last year. On a per share basis, earnings totaled EUR 0.85 compared to a loss of EUR 2.05 incurred a year ago.

Consolidated sales for the quarter rose to EUR 1.35 billion from EUR 1.13 billion generated in the prior year period.

Aldo Kamper, CEO of Leoni AG, said, "We continued our operational recovery of the preceding quarters in the first quarter of 2021. We reached initial milestones in the improvement of our portfolio with the sale of LEONI Schweiz AG as well as the agreement on the disposal of business units of LEONI Kerpen GmbH."

Looking ahead, despite the persisting Covid-19 pandemic and bottlenecks in the company's global supply chain, the company now expects group sales for fiscal 2021 to increase significantly compared to the previously issued low double-digit percentage range.

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