ElringKlinger sees sales up, but profits down in Q2

ERJ staff report (DS)

Dettingen, Germany -- First half sales revenues at the ElringKlinger Group rose by 30.0 percent to EUR 498.9 (383.7) million according to preliminary results. Operating result rose by 14.6 percent in the first six months, reaching EUR 66.0 (57.6) million.

In the second quarter, the Group saw sales revenue increase by 26.6 percent to EUR 254.4 (previously 201.0) million. The flat gaskets business acquired from the Freudenberg Group and the first-time consolidation of Swiss-based exhaust treatment specialist Hug Engineering AG contributed EUR 20.7 million to sales revenue in the second quarter. At EUR 33.3 (34.3) million, the Group's operating result in Q2 2011 declined by 2.9 percent compared to the buoyant second quarter of 2010, primarily as a result of the lower margins currently generated by the newly acquired entities.

The former flat gaskets business of the Freudenberg Group contributed EUR 14.0 million to sales revenue in the second quarter of 2011 and minus EUR 0.6 million to earnings before taxes.

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Press release from ElringKlinger