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 PipelineTM 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 PipelineTM 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 | jon.erik.engeset@hexagon.no
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagon.no
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | solveig.saether@hexagon.no
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.
