Grammer’s Q1 net income drops 12.8% y/y to USD15 million
Company reaffirms full-year 2018 financial guidance
German automotive supplier Grammer has reported 12.8% year-over-year (y/y) decline in net income to EUR12.2 million (USD15 million) for the first quarter ended 31 March 2018, the company said in a press release today (14 May). The company also witnessed 11.2% y/y drop in EBIT to EUR20.4 million (USD25.1 million), resulting in 40 basis points decline in EBIT margin of 4.5%. Grammer reported lower earnings in the first quarter as its revenue dropped 0.8% y/y to EUR454.4 million.
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