Successful start to fiscal year 2023

Stabilus SE benefited from strong performance in its Automotive Powerise and Industrial business segments in its first quarter of fiscal 2023, which ended on December 31, 2022, and reported a significant increase in sales.

Consolidated sales increased to €290.7 million in the first quarter of fiscal 2023 from €243.7 million in the same period last year, representing year-on-year sales growth of 19.3 percent.

“The first quarter’s sales growth – both in absolute and organic terms – is on a par with that of the past, very successful fiscal year 2022,” said Dr. Michael Büchsner, CEO of Stabilus. “Our business development thus continues to defy the challenges of the difficult macroeconomic times worldwide. Even though the ongoing geopolitical and related economic uncertainty persists, we remain committed to our objective of profitable growth and our results show that we are able to deliver.”

In the EMEA region, revenue increased 3.5 percent to €109.2 million in the first quarter of FY2023 (Q1 FY2022: €105.5 million). The main revenue driver here, with organic growth of 21.7 percent, was the Automotive Powerise business unit, which outperformed the increase in vehicle production in the region. Stabilus achieved the largest increase in sales among all regions in the Americas region with 41.5 percent to €109.2 million (Q1 FY2022: €77.2 million), with exchange rate translation having a supporting effect here (organic growth plus 23.2 percent year-on-year). Growth was driven in particular by a strong performance of the industrial business in all segments and a general increase in vehicle production on the continent. In Asia Pacific (APAC), the company reported an 18.3 percent year-on-year increase in revenue to €72.3 million (Q1 FY2022: €61.1 million), mainly due to another strong performance by Automotive (organic growth in Automotive Powerise up 42.2 percent and Automotive Gas Spring up 2.7 percent year-on-year).

By business unit, Automotive Powerise remains the fastest growing segment, with organic sales up 31.9 percent to €107.8 million (Q1 FY2022: €76.7 million), despite only a slight increase in vehicle production worldwide. This was primarily due to unabated high end-customer demand for electrically operated liftgates. Overall, 35 percent (Q1 FY2022: 37 percent) of Group sales were generated by the Industrial business unit and 65 percent (Q1 FY2022: 63 percent) by the two automotive business units Automotive Powerise and Automotive Gas Spring.

Adjusted operating profit increased by 11.3 percent to €32.6 million in the first quarter of FY2023 (Q1 FY2022: €29.3 million). This corresponds to an adjusted EBIT margin of 11.2 percent compared to 12, percent in the same period of the previous year.

In the first quarter of FY2023, profit was €15.5 million (Q1 FY2022: €18.0 million) and free cash flow before acquisitions was €32.7 million (Q1 FY2022: €7.4 million).

Stabilus confirms its guidance for the full fiscal year 2023 and continues to expect sales of €1.1 billion to €1.2 billion with an adjusted EBIT[1] margin of between 13 and 14 percent.