Johnson Electric Holdings sales up 12% YoY to $19.6m for 9M FY2021
For the quarter ended, there was a $6.6b worth of sales recorded.
A year-on-year (YoY) increase of 12% was observed in Johnson Electric Holdings’ sales for the first nine months of the financial year 2021 (9M FY2021), which ended on 31 December 2021, bringing the total sales to $19.6m (US$2.52m).
Excluding foreign currency movements and acquisition, sales increased by 9% to $19.06m (US$2.45m). Further aiding this performance were foreign exchange rate movements, which had a positive effect of $475.04 (US$61m). Chinese Renminbi, Canadian Dollar, and the Euro versus the US, in particular, contributed to this, when compared to the average exchange rate on a YoY basis.
Meanwhile, the group’s sales for the quarter ended 31 December 2021, were $6.6b (US$847m) higher YoY when compared to last year’s $7.1b (US$912m). Excluding currency effects, sales for the quarter decreased by 8% or $552m (US$71m).
The acquisition of E. Zimmerman added $93.41m (US$12m) to sales for 9M FY2021 and $38.93m (US$5m) for the quarter that ended 31 December 2021.
The Automotive Product Group (APG) sales, on the other hand, saw an increase of 11% YoY to $14.98m for 9M FY2021.
This was due to a low base period from the previous year, in which much of Johnson Electric’s and its customers’ operations in Europe and the Americas were affected due to the pandemic.
Sales for the quarter were down by 11%, or $607.43m (US$78m). Factors for this performance include supply chain bottlenecks and the resumption of OEM customer production in Europe and the Americas, following earlier COVID-19 shutdowns.
On a regional basis, APG sales were better than automotive industry production volumes in all regions, with Asia, Europe, and Americas noting YoY increases of 3%, 9%, 11% and 7%, respectively.
Sales for Industry Products Group (IPG) followed this trend, showing an increase of 16% or $646.37 (US$83m) for 9M FY2021. Excluding currency effects, an increase of $615.22m (US$ 79m) or 15% was observed.
Growth drivers for this division include a demand for home-centric products, despite the disruption of supply chains and shipping schedules. Small and medium-sized enterprises also played a role, as they allowed for a rebound in sales with their performance.
IPG sales for the quarter saw a $101.24m (US$ 13m) or 7% YoY increase. Excluding currency effects, sales were up by 8% or $109.03m (US$14m).
Europe and the Americas showed the largest growth for this sector, with increases of 27% and 19%, respectively. Asia, meanwhile, had a growth of 3%.
“Johnson Electric has achieved a solid sales performance over the past nine months as the global economy remains on a recovery path from the crisis brought on by the COVID-19 pandemic. We continue to win new business awards in both our Automotive and Industry divisions based on our compelling ability to serve global customers in every major geographic market and on a portfolio of innovative motion technology solutions that continue to generate strong customer demand,” said Dr. Partick Shui-Chung Wang, Chairman, CEO, Johnson Electric.