SAF-Holland has published key financial figures for the third quarter showing Group sales of €552.9 million above market expectation.
Adjusted EBIT of €58.6 million and adjusted EBIT margin of 10.6 per cent in Q3 2023, based on strong demand for original equipment and solid aftermarket business, are significantly above market expectations.
The outlook for the financial year 2023 increased to Group sales of around €2,100 million with an adjusted EBIT margin of around 9.5 per cent Q3 2023 Group sales, with a growth rate of 37.4 per cent.
A strong increase in aftermarket sales, to a share of approx. 34 per cent of Group sales as of Q3 2023, as well as strong sales growth in the APAC region, could almost compensate for slightly declining sales in the original equipment business in the EMEA region compared to Q2 2023, the manufacturing company said.
The reason for the better than expected operating development in the third quarter 2023 is a higher share of sales in the aftermarket business in all regions of the Group. An earlier achievement of synergies from the integration of Haldex also had a positive impact on the operating development.
Based on this strong performance, the management board has decided to adjust the outlook for the financial year 2023. This means Group sales are now expected at around €2,100 million and the adjusted EBIT margin for the financial year 2023 is now expected to be around 9.5 per cent up from 9 per cent.
SAF-Holland continues to expect a capex ratio of up to 3 per cent of Group sales in the financial year 2023.
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