Bulten AB confirmed strong order bookings and increased market shares, thanks to new contracts, for Q3 after the quarter began cautiously following the Covid-19 pandemic.
Operating earnings during the quarter rose to SEK 40 million and primarily reflect the higher sales and production volumes. All employees on reduced working hours or furlough due to the pandemic have been back on full hours since 1st October.
During the quarter, Bulten’s net sales increased by 18.8% and order bookings by as much as 70.2%. Anders Nyström, president and CEO at Bulten, commented: “The higher sales and dramatic increase in orders indicate that the automotive market is in recovery, and we continue to win market shares as satisfied customers entrust us with new contracts.”
“We are very pleased about the new full service contract (FSP) that we signed and communicated in July with an annual order value of approximately €60 million at full pace. The contract is a takeover of an FSP solution from a competitor for two assembly plants with an existing customer, which meant that deliveries begin immediately at the prevailing pace. Thanks to the new business, combined with the strong development of our strategic acquisition of PSM, we are now performing better than the market, which has been and remains our ambition.”
Anders continues: “It is difficult to predict market developments for the rest of 2020, due to Covid-19 and macroeconomic factors that could affect our customers’ production. As we have done previously this year, we will continue to adapt our operation to changes in the wider world.”
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