Swedish automotive fastener manufacturer Bulten AB reported sales increased 10.5% to SEK 1.533 billion (US$143.4 million) in the first quarter of 2024. The customer mix in automotive, along with sales in new customer groups, contributed to stable growth. Adjusted operating earnings totaled SEK 116 million, equating to an adjusted operating margin of 7.5%.

Bulten restructured at the beginning of the quarter, dividing into three regions – Europe, Asia and North America – responsibility for sales, manufacturing and financial results. The group also made changes to its engineering resources to enhance product development.

“Again this quarter, our main priority has been to reduce the production backlog in Europe, which is adding extra costs,” stated interim president and CEO Christina Hallin. “We have not yet caught up but have made good progress, and this can also be seen in the improved operating margin.” Web: bulten.com