Uponor grew modestly in Europe; U.S. business impacted by a temporary production issue
Uponor’s consolidated net sales for the second quarter reached €308.4 million, with an organic growth of 3.0%. Uponor’s comparable operating profit came to €23.8 million, a change of -22.6%.
“While the overall market demand remains healthy, the second quarter performance did not meet our ambitions due to a combination of unrelated factors. On a positive note, we have successfully completed the transformation programmes in Europe giving us a solid platform for improving profitably as we keep on building on our partnerships with key customers,” says Uponor’s President and CEO, Jyri Luomakoski.
He also commented development in other segments:
“We have managed to stabilise our performance in Building Solutions – Europe in the second quarter, and we are now well positioned to benefit from solid demographic demand in key European countries as the economy continues to revive. We are happy to notice increasing interest among customers towards our new offerings, such as hygienic and prefabricated solutions.”
“In spring, Building Solutions - North America reached a record of 25 consecutive quarters of growth, in local currency, and despite capacity constraints and a temporary production issue in April, managed to keep its sales on prior year level in the second quarter. After 10 expansions in Apple Valley, we recently announced the purchase of new premises and real estate not far from our current facilities, which is targeted to guarantee future capacity to serve customer needs in 2019 and beyond.”
“Uponor Infra has successfully completed a series of streamlining and transformation measures, meeting the targets set for them. The segment reported positive comparable operating profit figures in the second quarter, driven by a solid growth of business.”
The comprehensive financial statements bulletin is available on the company’s investor website.