Stabilus SE: Stabilus achieved record revenue in the second quarter of FY2022
- Double-digit organic growth of 11.6% increases revenue in the second quarter of FY2022 to record level of €281.2 million (Q2 FY2021: €244.0 million)
- Adjusted EBIT in Q2 at €39.3 million, after €38.0 million in Q2 FY2021
- Q2 result at €26.2 million (Q2 FY2021: €25.9 million) and free cash flow before acquisitions (adj. FCF) at €10.2 million (Q2 FY2021: €28.8 million)
- Forecast confirmed for FY2022 with revenue of €940 million to €990 million and an adjusted EBIT margin of 14% to 15%
Luxemburg/Koblenz, May 2, 2022 - Stabilus SE (ISIN: LU1066226637), one of the world's leading suppliers of motion control solutions for a wide range of industries, today published its financial report for the second quarter of fiscal year 2022 (ended March 31, 2022). After a solid start to the 2022 fiscal year in the first quarter, revenue growth accelerated significantly in the second quarter. The APAC operating segment (the region) and the Automotive Powerise business unit in particular contributed to this development.
Group revenue in the second quarter of FY2022 increased by 15.2% compared to the same quarter of the previous year to €281.2 million (Q2 FY2021: €244.0 million). Adjusted for currency effects, Group revenue increased by 11.6%.
Dr. Michael Büchsner, CEO of Stabilus, said: "After a solid start to the fiscal year in the first quarter, our revenue growth picked up significantly in the second quarter. At around €281 million, we achieved the highest quarterly revenue in Stabilus' history. Once again, our Automotive Powerise business was the biggest growth driver, with sales in Asia quadrupling. This is in line with our long-term strategy, in which Asia plays an important role in achieving our goals."
Strong automotive business in APAC still drives growth in Q2 FY2022
In the EMEA segment, revenue in Q2 FY2022 decreased slightly by 1.9% to €124.9 million (Q2 FY2021: €127.3 million). This is mainly due to lower production figures at OEMs and thus to a decline in the automotive business. On the other hand, Stabilus was able to grow organically by 4.4% in the Industrial business. In the Americas, revenue increased by 12.8% year-on-year to €95.2 million (Q2 FY2021: €84.4 million). In the Asia-Pacific segment, the company again recorded above-average revenue growth of 88.9% to €61.0 million compared to the same quarter of the previous year (Q2 FY2021: €32.3 million). The automotive business was also the main driver of this development in the second quarter, with sales in the Automotive Powerise business unit almost quadrupling. The industrial business in the region also developed positively with organic revenue growth of 7.2% compared to the same quarter of the previous year.
Automotive Powerise business unit grows organically by 34.5%
By business unit, Stabilus recorded organic sales growth in both the Automotive Gas Spring and Automotive Powerise business units in the second quarter of the 2022 financial year. In the Automotive Powerise business unit, which was able to significantly decouple from the negative development of global automotive production in the reporting period, revenue rose by 40.8% to €91.8 million in Q2 FY2022 (Q2 FY2021: €65.2 million). In the Automotive Gas Spring business unit, the company recorded an increase of 5.7% to €82.0 million (Q2 FY2021: €77.6 million). The Industrial business unit recorded an increase in revenue of 6.1% in Q2 FY2022 to €107.4 million compared to the same quarter of the previous year (Q2 FY2021: €101.2 million). Stabilus recorded the strongest development in the market segment Distributors, Independent Aftermarket and E-Commerce (DIAMEC) with growth of 18% compared to the previous year.
Adjusted EBIT margin of 14.0% in the second quarter
Adjusted operating profit (adjusted EBIT) increased by 3.4% to €39.3 million in Q2 FY2022 (Q2 FY2021: €38.0 million). This corresponds to an adjusted EBIT margin of 14.0%, compared to 15.6% in the same quarter of the previous year, Q2 FY2021.
In Q2 FY2022, profit was €26.2 million, after €25.9 million in the same quarter of the previous year. Free cash flow before acquisitions (adj. FCF) declined to €10.2 million, compared to €28.8 million in Q2 FY2021.
Forecast for fiscal 2022 confirmed
Stabilus confirms its forecast for fiscal 2022 after the positive business development in the first half of the year and continues to expect revenue of €940 million to €990 million with an adjusted EBIT margin of 14% to 15%.
The interim report for the second quarter of fiscal 2022 is available in English and can be downloaded on the company's website at Investors / Financial Reports & Presentations.
 Cf. definition/calculation of KPI's 'adjusted EBIT' and 'free cash flow (FCF)' in the interim report for Q2 FY2022, pp. 10 and 16, that can be downloaded from the company's website at Investors / Financial Reports & Presentations.
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Stabilus is one of the world's leading providers of motion control solutions for customers across a broad spectrum of industries including mobility, health, recreation, furniture, energy, construction, industrial machinery and automation. With more than eight decades of demonstrated expertise, Stabilus offers reliable and innovative motion control solutions that enable, enhance and automate opening, closing, lifting, lowering and adjusting actions. The company's customized damping and vibration isolation technology protects against shocks, vibrations and noise. Employing a workforce of more than six thousand worldwide, the company has its operational headquarters in Koblenz, Germany. In the 2021 fiscal year, Stabilus has reported revenue of €937.7 million. Stabilus has a global production network encompassing plants in eleven countries. Additionally, the Group maintains regional offices and relations to sales partners in over fifty countries in Europe, North and South America, as well as in Asia-Pacific. Stabilus SE is listed in the Prime Standard segment of the Frankfurt Stock Exchange and included in the SDAX index.
This press release may contain forward-looking statements based on current assumptions and forecasts made by Stabilus Group management and other information currently available to Stabilus. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here.
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