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Bultens Q1 report 2023

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A strong quarter with record sales, a positive results trend and a 150-year anniversary

FIRST QUARTER

  • Net sales amounted to SEK 1,387 (1,034) million, an increase of 34.1% on the same period the previous year.
  • Operating earnings (EBIT) totaled SEK 116 (-11) million, equating to an operating margin of 8.4% (-1.1).
  • Adjusted operating earnings totaled SEK 116 (72) million, equating to an adjusted operating margin of 8.4% (7.0). Operating earnings in the corresponding quarter of the previous year were burdened by approximately SEK -83 million, related to winding-up costs for Bulten’s operation in Russia.
  • Earnings after tax amounted to SEK 79 (-39) million. Adjusted ­earnings after tax amounted to SEK 79 (44) million.
  • Order bookings amounted to SEK 1,356 (1,134 million, an increase of 19.6 on the same period the previous year.
  • Cash flow from operating activities totaled SEK 196 (94) million.
  • Earnings per share were SEK 3.56 (-1.90). Adjusted earnings per share were SEK 3.56 (2.07).
  • In January, Bulten announced its decision to close one of its two logistics centers in Sweden in order to streamline its distribution chain. The decision was founded on Bulten’s strategy to maintain a strong operational platform, leading the company to review its global distribution chain. The cost of the closure amounted to approximately SEK 1.5 million.
  • In January, Bulten increased its holding in TensionCam Systems AB, a Gothenburg-based company specialized in developing sensors that measure and monitor clamp loads in screw joints, by acquiring a further 36.5% of the shares in the company at a purchase sum of SEK 4 million. The acquisition makes Bulten the majority owner with 63.5% of the company’s shares.


“We started the year with excellent financial results, and note that this is the fifth consecutive quarter with sales in excess of SEK 1 billion. Our strategy and our improvement efforts, based on 150 years of ­collective know-how, are clearly bearing fruit," says Anders Nyström, President and CEO.


A live presentation for analysts, media and investors will be held today, at 3:30 p.m. CEST, where President and CEO Anders Nyström and CFO Anna Åkerblad will be commenting the result. The presentation will be held in English and include a Q&A session.

The report will be available on Bulten’s website: https://www.bulten.com/en/IR?

Information for participants:
If you wish to participate via webcast, please use the link https://ir.financialhearings.com/bulten-q1-2023. Via the webcast you are able to ask written questions.

If you wish to participate via teleconference, please register on the link https://conference.financialhearings.com/teleconference/?id=5002408. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. 


For further information, please contact:
Ulrika Hultgren, SVP Corporate Communications & IR, +46 727-47 17 58, ulrika.hultgren@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 CEST on 25 April 2023.


Bulten Group is a leading global manufacturer and supplier of fasteners to the automotive industry, as well as other industries such as consumer electronics. The offering extends from a wide range of standard products to specially adapted fasteners. With Bulten’s Full Service Provider concept (FSP), customers can entrust all their fastener needs to the company, including development, sourcing, logistics and service. Bulten was founded in 1873, has approximately 1,600 employees around the world and is headquartered in Gothenburg, Sweden. Net sales in 2022 totaled SEK 4,474 million. The share (BULTEN) is listed on Nasdaq Stockholm.

                            

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Q1 Interim report Bulten 2023

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