Leoni’s Q2 net income drops 33.3% y/y to USD47.8 million despite higher sales

Company raises full-year sales forecasts to at least EUR5.1 billion

Leoni’s net income declined 33.3% year-over-year (y/y) to EUR41 million (USD47.8 million) in the second quarter ended 30 June 2018, the Germany-based automotive supplier said in a press release on 15 August. The company also witnessed 19.4% y/y drop in EBITDA to EUR100 million and 28.3% decline in EBIT to EUR62 million. Leoni recorded lower earnings despite reporting 6.8% y/y growth in sales to EUR1.32 billion in the second quarter. The company recorded adjusted EBITDA of EUR64 million, down 2%.