HONG KONG SAR – Media OutReach Newswire – 11 July 2024 – This news release is made by Johnson Electric Holdings Limited (”Johnson Electric” or the “Company” and together with its subsidiaries, the “Group”) for the business operations and selected unaudited financial information of the Group for the three months ended 30 June 2024.
The Group’s sales for the quarter ended 30 June 2024 were US$935 million compared to US$954 million for the same quarter in financial year 23/24, a decrease of 2%. Exchange rate movements had a US$8 million unfavourable impact on the Group’s sales for the quarter. Without the effect of currency movements, the sales decline would have been approximately 1%.
Sales of Automotive Products Group (”APG”)
APG’s sales for the quarter ended 30 June 2024 were flat at US$788 million compared to the same quarter in financial year 23/24. Excluding currency effects, APG’s sales increased by US$5 million or 1% in the quarter, while global light vehicle industry production volumes remained unchanged.
In Asia-Pacific, sales increased by 7% while light vehicle production in the region grew 3%. Most product segments experienced growth, with particularly strong performance in thermal management, oil pumps, vision and steering mainly due to new program launches and volume increases. In Europe, the Middle East and Africa (”EMEA”), sales decreased by 4% compared to a 5% decline in light vehicle production in the region. Sales of steering and oil pumps decreased, somewhat offset by an increase in products for closure and seat applications. In the Americas, sales decreased by 2% while light vehicle production declined by 1%. Sales of powder metal components, thermal management and seat product applications decreased, primarily due to customer mix and the phasing of certain programs, partially offset by increased sales of oil pumps and products for closure and braking applications.
The division’s sales changes by region, excluding currency effects, were as follows:
