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Bossard Q3 U.S. Sales Boosted By Acquisition, Tesla Partnership
Bossard reported its 2017 third quarter fiscal results on Tuesday, led by continued strong growth.
The company posted total Q3 sales of $200.1 million, up 12.4 percent year-over-year (+11.9 percent in local currency.
In the U.S., Q3 sales of $53.5 million — 26.7 percent of total — increased 11.1 percent year-over-year (+10.1 percent in local currency)
In Europe, Q3 sales of $114.5 — 57.2 percent of total — increased 12.5 percent year-over-year (+12.1 percent in local currency)
In Asia, Q3 sales of $32.2 million — 16.1 percent of total — increased 13.8 percent year-over-year (+14.1 percent in local currency)
The company said the strong Americas increase was significantly helped by the recent acquisition of Canton, MA-based Arnold Industries. Adjusted for that addition, U.S. sales grew by 4.1 percent year-over-year. For the nine months through September, U.S. sales of $171.0 million were up 24.8 percent year-over-year (+24.3 percent in local currency). Bossard also credits its cooperation with electric vehicle manufacturer Tesla for U.S. growth and said it expects continued strong results from that relationship over the next several quarters.
Bossard said it is expecting full year 2017 sales of $802 million, up from 2016's $714 million.
Source: Industrial Distribution
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