Bekaert: Third quarter trading update 2015
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Third quarter trading update 2015
Bekaert reports continued strong growth, driven by acquisitions and currency
Bekaert achieved strong sales growth in the first nine months of 2015, compared with the same period last year. The company's consolidated top line increased from € 2 423 million to € 2 795 million, up more than 15%. Acquisitive growth boosted sales by almost 10% and the company's improving price-mix delivered 3% organic sales growth. The favorable effect of currency movements, while declining over the course of the third quarter, accounted for almost +10% year-to-date. Organic sales were down on lower volumes (-2%) due to a weak start to the year and on lower wire rod prices, passed on to our customers (-5% over the first nine months of the year).
Bekaert's consolidated quarterly revenues in the three-month period from July to September 2015 were 10% higher than in the third quarter of 2014. Acquisitive growth and currency effects accounted for more than 15%. The organic decline (-5%) was the result of positive price-mix and volume effects (+1%) and significantly lower wire rod prices (-6%).
Combined sales totaled € 3 377 million in the first nine months of 2015, up 11% compared with the same period last year. The strong devaluation of the Brazilian real tempered the translation effect of exchange rate movements at the combined level (+5% year-to-date and neutral in the third quarter). The impact of acquisitions accounted for +7% and organic sales were almost 2% down from the same period last year.