Metaldyne Performance Group Inc, a provider of highly-engineered components for use in powertrain and suspension applications, reports Q2 2016 net sales of US$728 million, compared to US$800 million in Q2 2015. Year to date net sales were US$1,468 million, compared to US$1,565 million in the same period of 2015.
‘We are extremely pleased with our second quarter and year to date results, highlighted by our strong cash flow,’ said George Thanopoulos, CEO. ‘We continue to deliver strong operating results and margins despite certain macro headwinds and the planned attrition of our non-core wheel bearing business. We attribute these great results to our relentless focus on cost reductions and cash flow. Our solid cash flow gave us flexibility to increase our share repurchase program and authorize a voluntary debt reduction plan. We also see continued momentum in our new business wins centered on our core products. Our results and new business wins are aligned with our short and long-term value creation model.’
For fiscal year 2016, MPG maintains guidance as net sales between US$2.75 and US$2.95 billion.
This story is reprinted from material from MPG, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
