In the third quarter 2015 Hexagon Composites generated NOK 256.9 (349.3) million in operating income and made an operating loss before depreciation (EBITDA) of NOK -31.0 (75.1) million. Operating loss (EBIT) was NOK -43.8 (55.5) million and profit/loss before tax came to NOK -56.0 (59.7) million.
Operating results declined compared with the third quarter of 2014, impacted by significantly lower sales volumes for Mobile Pipeline(TM) solutions and seasonally low sales volumes of Low-Pressure Cylinders. The heavy-duty truck market in North America remains robust and the transit bus markets in North America and Europe continue to display healthy growth.
Key developments:
* EBITDA loss for the quarter driven by low Mobile Pipeline(TM) and impact of seasonal Low-Pressure Cylinders sales
* Awarded extended MAN Truck & Bus supplier nomination for global transit bus market
* Released 16-inch all-carbon cylinder for transit bus and refuse truck market
* Secured new long-term Low-Pressure Cylinders distribution agreement with Gasco in Saudi Arabia
* Restructuring of European Light-Duty Vehicles business unit according to plan
* Initiated a further program of cost saving initiatives to enhance weak short-term profitability
* Continued positive overall impacts of USD currency developments compared to same period last year.
For more information:
Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | [email protected]
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | [email protected]
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | [email protected]
www.hexagon.no/investors
About Hexagon Composites ASA
Hexagon Composites ASA is a leading global supplier of composite pressure cylinders for gas applications. Based in Ålesund, Norway, the Group generated NOK 1 651 million in operating income in 2014. Production is carried out in modern, automated plants in Norway and the US.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.