Bulten’s Q1 report 2021

Yet another record quarter commences 2021.

FIRST QUARTER

• Net sales amounted to SEK 1,103 (821) million, an increase of 34.4% on the same period last year. Adjusted for acquisitions, the increase amounted to 24.9%. The acquisition of PSM took place on February 28, 2020.
• Operating earnings (EBIT) totaled SEK 98 (43) million, equating to an operating margin of 8.9% (5.2).
• Earnings after tax amounted to SEK 68 (9) million.
• Order bookings amounted to SEK 1,010 (688) million, an increase of 46.8% on the same period last year.
• Cash flow from operating activities totaled SEK 93 (63) million.
• Earnings per share were SEK 3.21 (0.63).
• Anna Åkerblad took over as new Chief Financial Officer (CFO) on March 4.

CEO’S COMMENTS

“The strong volumes we saw during the fourth quarter were maintained during the beginning of 2021 and made the first quarter another record quarter for Bulten, both in terms of sales and earnings. During the quarter, Bulten’s net sales increased by 34.4% and order bookings by 46.8% compared to the same period in 2020. Although the comparative figures are influenced by the pandemic and the acquisition of PSM at the end of Q1 2020, Bulten’s growth has taken the Group to a new level. The recovery that characterized the global automotive market from the second half of 2020 has been inhibited during the first quarter of 2021 by additional COVID-19 related restrictions, but Bulten has a customer mix that performed better than the market as a whole during the period.           

The higher volumes have resulted in a high level of capacity utilization which, combined with streamlining, synergies, and a higher proportion of in-house production, has led to good profitability development. Operating earnings totaled SEK 98 million, equating to an operating margin of 8.9%.

In general, Bulten’s customers have a high demand for their products. However, we can see that the problems our customers have in their supply chains, primarily a lack of microprocessors, will cause disruption and have inhibiting effect on automotive production, and therefore on Bulten’s sales.

We continue to implement our ‘Stronger 24’ strategy plan, which we presented in 2020, and we are advancing our positions as a leader in innovation and sustainability together with our extended full service provider offering (FSP). We see good opportunities during the remainder of 2021 to win market shares and grow, both within and outside of the automotive industry.

Finally, I would also like to take the opportunity to welcome Anna Åkerblad who, according to an earlier announcement, has now taken over as the new CFO at Bulten.”.”

Anders Nyström, President and CEO

Investors, analysts and media are invited to participate in the teleconference on April 28 at 15:30 CET. The report will be presented by by President and CEO Anders Nyström and CFO Anna Åkerblad via audiocast.The presentation will be held in English and can be followed live via the link: https://tv.streamfabriken.com/bulten-q1-2021. It will also be possible to take part of the audiocast afterwards at the same address or at www.bulten.com/ir.

To participate in the teleconference, please call 5 minutes before the opening:

SE: +46850558357
UK: +443333009030
US: +18335268380

Copies of the presentation will be available at www.bulten.com/ir approximately 30 minutes before start.

For further information, please contact:

Anders Nyström, President and CEO
Tel: + 46 31-734 59 00

Kamilla Oresvärd, Senior Vice President Corporate Communications
Tel: +46 70-520 59 17, e-mail: kamilla.oresvard@bulten.com

This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13:30 CET on 28 April 2021.

Bulten Group is one of the leading suppliers of fasteners to the international automotive industry. The company’s product range includes everything from customer-specific standard products to customized special fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. The company was founded in 1873, has some 1,600 employees in sixteen countries and head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm.  Read more at www.bulten.com.