Partsmaker GKN says third quarter pre-tax profit more than doubled

Article by Christian A., on October 20, 2010

Because of the strong auto demand in North America and Asia, partsmaker GKN was able to post a third quarter pre-tax profit that more than doubled. Its revenues were also 21% higher, leading the company to predict a positive end to 2010.

In a statement Last Tuesday, the GKN said that the outlook for GKN's markets in the fourth quarter “remains positive” with group sales expected to attain a similar level to the third quarter.

Sales had increased to nearly 1.34 billion pounds from 1.10 billion. Meanwhile, pretax profit in the third quarter increased to 88 million pounds ($140 million) from 37 million a year earlier.

GKN said that demand during the period had stayed at similar levels to that seen in the second quarter. GKN was being assisted by a smaller than usual seasonal decline in Europe as well as the strong demand in North America and Asia.

When it comes to aerospace division, GKN said that the seasonal drop off in business during the third quarter had been larger than usual in Europe.

However, it expects to make up for the shortfall by the end of the year. GKN added that aerospace is expected to have a strong fourth quarter as sales that had been postponed during the summer can be recovered. The shut down period is expected to cover over the balance of the year. [via autonews - sub. required]

Topics: united states, gkn

If you liked the article, share on:

Pin It

Comments

Recommended

Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Since 1993, Lexus has produced 4 generations of the Lexus GS, with the GS F amongst its newest member of the family. Unfortunately, rumors are also heating up that the...
by - March 24, 2017
In a leaked image following a presentation held in China, we learned that Czech automobile manufacturer Skoda will soon unveil 2 more new SUVs in China, resulting in a four-model...
by - March 24, 2017
McLaren is said to be designing the next generation of Sports Series, which could include a V6 hybrid among its powertrain options. It was earlier reported that the British automaker...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries