Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced its financial results for the second quarter and the first half of the current year.
In the second quarter, Schmolz+Bickenbach recorded a net profit of €10 million, compared to a net profit of €2.4 million recorded in the corresponding quarter of the previous year. In the second quarter, the company’s sales revenues increased by 13.1 percent to €699.8 million due to significantly higher average sales prices, while its sales volume amounted to 470,000 mt, down slightly by 0.2 percent, both on year-on-year basis.
Meanwhile, in the first half of the current year, the company registered a net profit of €26.5 million, compared to the net loss of €22 million in the first half of the previous year. The company's sales revenues amounted to €1.4 billion, rising by 15.1 percent year on year, with the sales volume increasing 2.9 percent year on year to 959,000 mt.
The company stated that in the second quarter the positive trend of the first three months with a normalization of demand continued as expected. In the coming months, the automotive industry should continue on its robust growth path while the mechanical and plant engineering industry is expected to remain slightly expansive. Despite the downturn in the second quarter, raw material prices are expected to remain at higher levels compared to the average prices of the previous year.
Meanwhile, Schmolz+Bickenbach has raised its full-year outlook to an adjusted EBITDA between €200-220 million (from the previous €160-200 million).