Sales for cable looms skyrocket

July 25, 2011 // By Christoph Hammerschmidt
Against the background of the ongoing vehicle boom in Asian end markets, cable harness manufacturer Leoni AG has significantly raised its sales expectations for the entire current financial year. The company now expects sales of €3.6 billion, up from €3.4 billion in earlier estimations.

Also the guidance for EBIT has been raised - the company now expects a pre-tax profit of €230 million, up from €210 million. In a press release, the company said the reason to raise the guidance is the high demand for cable looms and other cable products. It was significantly higher than expected. In addition, the management believes that the good business climate will continue through the second half of 2011.

According to preliminary figures, Leoni sold cable looms and other goods in the value of €943 million in the quarter between April and June 2011 - a new record for the company. In 1H 2011 the company has booked sales of €1.854 billion at an EBIT of €129 million.