SAF-HOLLAND SA : Q1 2020 results above expectations; aftermarket business provides some degree of resilience
>Q1 2020 results above expectations - Yesterday, SAFH reported Q1 2020 group sales of € 283m (-18% y-o-y, organic -19% y-o-y) slightly above our estimate (€ 277m). Q1 2020 group adj. EBIT came in at € 18m (6.5% margin, -70bp y-o-y) ahead of our estimate (€ 15m, 5.5% margin). The beat vs our estimate is due to lower-than-expected sales decline of EMEA region and a more stable adj. EBIT margin for EMEA at 9.4% (-30bp y-o-y) to which a stabilising aftermarket business co...SAF Holland is engaged in inno vation and technology. Co.'s operations can be divided into three segments: Trailer Systems, Powered vehicle Systems and Aftermarket. Through the Trailer Systems segment, Co. produces axle systems, suspension systems, kingpins, and landing legs for the trailer industry. Through the Powered Vehicle Systems, Co. generates its sales primarily with fifth wheels and air suspension systems for manufacturers in the truck industry. The Aftermarket segment covers the replacement parts business in which Co. relies on a worldwide service network, partly in cooperative agreements with truck manufacturers.
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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