Progress Werk Oberkirch AG announced earnings results for the second quarter and first half of 2017. The company reported Group revenues in the second quarter rose to EUR 116.0 million compared to EUR 105.0 million a year ago and total output increased to EUR 122.1 million compared to EUR 110.0 million a year ago. EBIT before currency effects amounted to EUR 6.7 million compared to EUR 6.6 million a year ago and EUR 5.2 million compared to EUR 6.4 million a year ago including currency effects. Net income for the period and earnings per share totaled EUR 3.1 million compared to EUR 3.5 million and EUR 0.98 compared to EUR 1.12 a year ago, respectively.

Revenues in the first half of the year increased to EUR 233.1 million compared to EUR 208.7 million and total output reached EUR 244.1 million compared to EUR 209.9 million a year ago. EBIT before currency effects rose to EUR 12.3 million compared to EUR 11.5 million and including currency effects to EUR 10.4 million compared to EUR 10.0 million a year ago. Net income for the period improved to EUR 5.9 million compared to EUR 4.8 million and earnings per share to EUR 1.89 compared to EUR 1.55 a year ago.

The company provided earnings guidance for the full year of fiscal 2017. Due to the sustained positive development in revenue, forecast for revenue of EUR 450 million in 2017, of which EUR 20 million stems from material price effects, now appears to be conservative. In terms of EBIT before currency effects, company believe that they are on the right track to reach the target of EUR 23 to 24 million. Higher-than-expected positive earnings contributions from some locations are expected to compensate for the additional expenses incurred to realize growth.