Progress-Werk Oberkirch AG: PWO with strong revenue and earnings growth in Q1 2017

- Revenue: +13 percent
- Total output: +22 percent
- EBIT before currency effects: +16 percent
- Disproportionate rise in net income for the period and earnings per share

Oberkirch, May 4, 2017 - PWO today published its quarterly statement for the first quarter of 2017. The Company is currently benefiting from a solid automotive market and the sales successes of recent years. These factors enabled PWO to grow significantly faster than the sector in the first quarter of 2017.

The rise in revenue was also attributed to the ability to pass on higher material prices and, above all, to a higher-than-expected volume of customer call orders. Most locations had sufficient capacity to accommodate the additional units and at the same time achieve satisfactory margins. In Germany and China, however, additional expenses were temporarily necessary to realize growth.

Overall, Group revenue rose to EUR 117.1 million (p/y: EUR 103.7 million), and total output increased to EUR 122.0 million (p/y: EUR 100.2 million). EBIT before currency effects grew to EUR 5.6 million (p/y: EUR 4.8 million), and EUR 5.2 million including currency effects (p/y: EUR 3.6 million). The net income for the period improved to EUR 2.9 million (p/y: EUR 1.3 million) and earnings per share to EUR 0.91 (p/y: EUR 0.42).

Revenue and earnings growth in the first quarter were well above the growth rates forecast for the entire 2017 fiscal year. We are very pleased with this performance, which gives us continued confidence. However, if capacity utilization remains high or climbs even higher, the capacity risks and, thereby, the cost of providing customers with timely delivery will likely increase. For this reason, we will be working together closely with our operations in China during their expansion.

Today at 11:00 a.m. CESZ the Company will host a conference call to present the developments in the first quarter. If you would like to participate, please contact the Investor Relations department who will be happy to provide you with the dial-in information.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is one of the world's leading developers and manufacturers of advanced metal components and systems in lightweight construction for automobile safety and comfort. The Group has developed a unique knowledge in the forming and joining of metals over the course of its roughly 97-year history since it was founded in 1919. The German location at Oberkirch today employs around 1,500 staff members. PWO is globally represented with further sites in China, Canada, Mexico, and Czechia. The Group employs a total of approximately 3,300 staff members.

PW0 is a partner to the global automotive industry for the development and production of innovative products in the divisions of "Mechanical components for electrical and electronic applications," "Safety components for airbags, seats and steering" and "Components and subsystems for vehicle bodies and chassis."