Horizon Global Corp.-the holding company of Draw-Tite, Reese, BULLDOG, ROLA, and Tekonsha brands-increased its overall revenue in the second financial quarter by 51 percent compared to the same quarter last year.
“We observed our two-year anniversary as a public company in the second quarter and delivered solid revenue growth and margin expansion,” said A. Mark Zeffiro, president and CEO of Horizon Global. “Total company revenues grew over 51 percent, predominantly as a result of the addition of Westfalia. Regionally, Horizon Americas delivered strong growth in e-commerce and aftermarket channels as sales recovered from order delays in the first quarter of 2017.”
Net sales for Horizon Americas increased 7.2 percent, driven by gains in the aftermarket, OE and e-commerce channels, according to the company. Operating profit increased $10.1 million to $22.8 million, or 16.5 percent of net sales, primarily due to higher sales, favorable product mix and cost reductions.
“We continue to drive progress on our key financial priorities-expanding our operating margin, improving our capital structure and growing the business to extract maximum value for our shareholders. Given our performance in the second quarter and our forecast for the balance of the year, we are raising our full-year earnings per share guidance,” Zeffiro said.
For full-year 2017, Horizon Global expects revenue growth of 30 to 35 percent.