Gestamp records Q3 web revenue of EUR28.4m

Gestamp has posted third-quarter net revenue of EUR28.4m (US$33m), much like Q3, 2019 despite higher FX effect and greater outflow of minority interests due to a better performance in those perimeters.

Income during Q3, 2020 reached EUR2.04bn, up 5.3%.

Strict cost control and execution associated with the Transformation Plan announced in July despite product sales stabilisation, generated profitability enhance. Efforts have now been focused on consolidating reductions in labour and running expenses over the group, also particular actions in line with objectives and timings of plan.

Outcomes for the very first nine months are hampered by Q2, 2020 as well as the effect of COVID-19. Performance during 9M,2020 has improved versus H1,2020 due to Gestamp’s Q3, 2020 outcomes.

“Gestamp’s leads to Q3 happen solid with a rise in EBITDA and strong FCF generation despite continued challenging market conditions,” stated Gestamp executive chairman, Francisco Riberas.

“The Group has were able to increase its profitability to amounts above 2019 and paid off its net financial obligation notably to levels near to Q4, 2019.

“we shall carry on centered on executing our Transformation intend to help drive future profitability. We’ll protect and enhance our long-term strategy with our clients taking advantage of our technical positioning for EVs.”

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