KOBLENZ (dpa-AFX) - Automotive and industrial supplier Stabilus performed surprisingly well in its day-to-day operations at the start of the year. According to preliminary figures, while operating profit declined year-on-year, it came in ten percent higher than market expectations, the SDax-listed group announced unexpectedly on Wednesday evening in Koblenz after the market close. At the same time, a significant buildup of working capital, particularly toward the end of the quarter, considerably thinned out free cash flow. The Management Board confirmed its full-year targets. In an initial reaction, the share price rose by 2.5 percent on the Tradegate trading platform.
In the second fiscal quarter (ending March), preliminary figures show that revenue fell by nearly 10 percent year-on-year to approximately 305 million euros. Adjusted earnings before interest and taxes (EBIT) saw a similar decline, dropping to just over 34 million euros. Free cash flow plunged from around 18 million to approximately 4 million euros, which Stabilus attributed to an increase in receivables driven by high sales momentum. This is expected to normalize over the remainder of the fiscal year as corresponding payments are received.
Stabilus is scheduled to present its final figures on May 4. The company reaffirmed its guidance for the full fiscal year./lew/he
