Increased net sales in a challenging environment
THIRD QUARTER
· Net sales amounted to SEK 1,095 (764) million, an increase of 43.3% on the same period last year.
· Operating earnings (EBIT) totaled SEK 47 (31) million, equating to an operating margin of 4.3% (4.1).
· Earnings after tax amounted to SEK 18 (16) million.
· Order bookings amounted to SEK 1,033 (830) million, an increase of 24.4% on the same period last year.
· Cash flow from operating activities totaled SEK -27 (-122) million.
· Earnings per share were SEK 0.65 (0.68).
· Bulten was nominated as a supplier of fasteners for a new global electric vehicle (EV) platform to be produced in China. The order value is estimated at approximately SEK 155 million a year at full production.
· Bulten began a collaboration with Polestar on the development project Polestar 0, which aims to build a climate-neutral electric car by 2030, by eliminating emissions in the supply chain. Bulten’s contribution will be the delivery of climate-neutral fasteners.
JANUARY - SEPTEMBER
· Net sales amounted to SEK 3,135 (2,777) million, an increase of 12.9% on the same period last year.
· Operating earnings (EBIT) totaled SEK 77 (184) million, equating to an operating margin of 2.5% (6.6).
· Adjusted operating earnings totaled SEK 170 (184) million, equating to an adjusted operating margin of 5.4% (6.6). In light of Russia’s invasion of Ukraine and the related sanctions, Bulten discontinued its operation in Russia during the second quarter. Divestment costs related to the Russian operation burdened the result by SEK -93 million. Apart from the transaction costs, the divestment has no effect on the cash flow.
· Earnings after tax amounted to SEK 1 (122) million. Adjusted earnings after tax amounted to SEK 94 (122).
· Cash flow from operating activities totaled SEK 48 (3) million.
· Earnings per share were SEK -0.37 (5.69). Adjusted earnings per share were SEK 4.03 (5.69).
· Net debt amounted to SEK 1,081 (623) million. Net debt (excluding lease liabilities) totaled SEK 569 (285) million.
· The equity/assets ratio was 42.9% (50.9) at the end of the period. The equity/assets ratio (excluding lease liabilities) totaled 49.1% (56.6).
“Net sales in Q3 increased by a full 43% compared to the same quarter in 2021, and was the second highest quarterly sales figure in Bulten’s history. Demand remained good although profitability was pressured by major operating disruptions among certain customers, due to a shortage of components and higher inflation. The focus moving forward will be on reducing stock levels and increasing margins. Our position as an innovative partner with sustainable solutions was confirmed through an exciting new collaboration with Polestar,” says Anders Nyström, President and CEO.
