paragon GmbH & Co KGaA (PGN); Q119 sales were driven by the growth of Electromobility segment

Published on 13-05-2019 09:40:00
Author Sparks Team

Today, paragon released its Q119 results, posting a 25.4% increase in sales to €43m. EBITDA stood at €7.6m, up by 57.7% year-on-year, and EBIT margin remained unchanged at 4.7%. EPS was €0.31 versus -€0.01 In Q118.

The Electromobility segment generated a 148.8% year-on-year increase in revenues, supported by a strong performance of battery systems for use in intralogistics applications. Mechanics segment increased its revenues by 15.6% year-on-year thanks to the ongoing series production of the software-controlled rear spoiler drive technology, whereas sales at Electronics segment were stable.

The company commented that it was able to grow significantly despite negative news for the automotive industry at the beginning of the year. That said, paragon has confirmed its FY19 guidance and still expects that sales will reach €230-240m and EBIT margin will stand at around 8%. The company anticipates that Voltabox, paragon’s subsidiary, will contribute to the group’s FY19 revenues with c. €105-115m and its EBIT margin will be 8% to 9%.

paragon also announced today that it has adjusted its FY18 consolidated financial statements, which follows a random audit conducted at Voltabox. The company underlines the changes apply to one-off balance sheet positions, do not result in any funds outflows, and have no effect on the current or future fiscal years.

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