Grammer reports 14% y/y growth in January–September revenue, to USD1.6 billion
Company adjusts full–year 2019 financial outlook
Automotive interior supplier Grammer has reported 14% year-over-year (y/y) increase in revenue to EUR1.5 billion (USD1.6 billion) in the nine-month period ended 30 September 2019, the company said in a press release on 12 November. Higher revenue helped the Germany-based company to record EBIT of EUR34 million, up 21.8% y/y to EUR34 million, resulting in EBIT margin of 4% compared to 2.1% a year earlier. The company posted 90% y/y growth in net profit to EUR28.4 million. Grammer recorded operating EBIT of EUR59.2 million, up 4.6% y/y. However, operating EBIT margin in the first nine months dropped to 4.2% compared with 3.8% a year earlier.