ZF’s H1 net income drops 73.6% y/y to USD162.5 million
German supplier adjusts full-year financial guidance for 2019
ZF’s net income dropped 73.6% year-over-year (y/y) to EUR143 million (USD162.5 million) in the first half ended 30 June 2019, the Germany-based automotive supplier said in a press release on 2 August. Sales dropped marginally by 1.5% y/y to EUR18.4 billion. Organic sales declined by 1.7% y/y. The company witnessed 57.4% y/y drop in EBIT to EUR378 million and 38.9% y/y decline in adjusted EBIT to EUR646 million.