SAF-Holland SE (SFQ.DE) Thursday revealed a 54 percent drop in second-quarter profit, impacted by lower sales and unrealized foreign currency effects. While sales were down 12.8 percent from last year, the company reduced its sales and adjusted EBIT margin outlook for fiscal 2025.
The company posted result for the period attributable to shareholders of the parent company of 10.98 million euros in the second quarter, down from 24.04 million euros in the same period last year. On a per share basis, basic earnings fell to 0.24 euro from 0.53 euro in the year-ago period.
The German supplier of trailer and truck components reported adjusted result for the period attributable to the shareholders of the parent company of 17.64 million euros or 0.38 euro per share, compared to 31.29 million euros or 0.69 euro per share in the second quarter of fiscal 2024.
Quarterly sales were down 12.8 percent to 442.39 million euros from 507.10 million euros in the prior-year period, impacted by the weak original equipment business.
During the three-month period, EBITDA declined 17.7 percent to 56.54 million euros from 68.67 million euros recorded in the same quarter last year. Adjusted EBITDA also fell 19 percent to 56.76 million euros from 70.02 million euros a year ago.
Looking ahead, the company lowered its forecast for fiscal 2025. It now expects Group sales of around 1.80 billion euros, down from the earlier range of 1.85 billion euros-2.0 billion euros. SAF-Holland added that the positive momentum in order intake in the EMEA region is expected to continue and a gradual recovery of the commercial vehicle markets in APAC is expected in the rest of the year.
Impacted by the lower earnings from the high-margin Americas and APAC regions, the company also lowered its annual adjusted EBIT margin to around 9.3 percent from the earlier 9.0 percent to 10.0 percent range.
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