Metaldyne Performance Group Inc (MPG), which makes components for use in powertrain and other automotive applications, has released its Q1 results.
The company reported net sales of US$739.5 million, down from US$765.2 million in Q1 2015. Gross profit was US$136.5 million for the quarter, an increase of 6% from the previous year.
'We are extremely pleased with our first quarter results,’ said George Thanopoulos, CEO of MPG. ‘Expansion of our margins and continued strong EBITDA despite certain macro headwinds show the strength in our business. Our solid cash flow gave us flexibility to increase our dividend, start our share repurchase program and build cash on the balance sheet. We are continuing to win new business and focus on fast growing powertrain applications. We are looking forward to a successful year in 2016.’
This story uses material from MPG, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.