Robert Bosch logs 3% hike in revenues in 2013 helped by automotive unit

Article by Christian A., on January 24, 2014

Robert Bosch posted a 3-percent surge in revenues in 2013 to EUR46.4 billion, supported mainly by a 7-percent rise in revenues at its automotive unit to EUR30.7 billion ($41.7 billion). The surge in the division’s revenues was attributed to strong demand for gasoline direct-injection and diesel-injection system, Bosch said in a statement based on preliminary figures.

According to a spokesman, the unit posted an 8-percent margin in earnings before interest and taxes margin of 8 percent, up from 4.5 percent in 2012. Bosch’s 2013 revenue was hit by a EUR1.5 billion burden attributable to foreign exchange fluctuations. In April 2013, Bosch said it expected an overall sales growth of up to 4 percent.

Excluding an extraordinary EUR1.3 billion charge for losses on its solar business, Bosch's overall EBIT margin in 2013 would have been 6 percent, according to preliminary figures. Bosch will disclose its 2013 full-year earnings on April 30, 2014. Bosch officials have said that they don’t expect significant charges this year.

Bosch expects its profit margins to increase in 2014 as Europe's economy heads for a rebound and as extra costs from the solar-energy division it is getting rid off recedes.

"We want to make a further step toward our profitability goal" of an EBIT margin of 8 percent, said Bosch chief executive Volkmar Denner. The company is planning to complete its pullout from the solar industry in the "coming weeks and months." Bosch expects the economy in the European Union to grow 0.7 percent in 2014. It managed to offset the slump Europe by expanding in Asia and North America.

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