ElringKlinger AG : Q2 2018 EBIT pre PPA better-than-expected, but structural problems remain
>Q2 2018: EBIT pre PPA better-than-expected, FCF remains weak - ElringKlinger (EK) reported Q2 2018 group sales of € 431m (+6% yoy) ahead of our estimate (€ 425m). Group EBIT pre PPA came in at € 26m (6.1% margin, -300bp yoy). We had expected € 23m (5.4% margin), mainly because we were a touch more negative on the qoq Automotive EBIT recovery. (Consensus for Q2 was not meaningful as it consisted of 2 estimates including ours.) The € 3m EBIT pre PPA beat to our estimat...ElringKlinger is a holding company. Co., through its subsidiaries, is engaged in the manufacturing and supply of cylinder-head and specialty gaskets, plastic housing modules, thermal and acoustic shielding parts for engine, transmission and exhaust tract applications, exhaust gas purification systems and components for lithium-ion batteries and fuel cells. Alongside vehicle and engine manufacturers, Co.'s customer base includes numerous automotive suppliers, particularly in the field of turbochargers, exhaust technology and transmission engineering. Co.'s operating business is divided into five segments: Original Equipment, Aftermarket, Engineered Plastics, Services and Industrial Parks.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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