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

Article by Christian Andrei, 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

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