GKN plc (LON: GKN) issues its first-quarter statement.
The shares of GKN (LSE: GKN) climbed 1% to 248p during early London trade this morning after the engineering giant revealed first-quarter sales of £1.9bn.
The revenue figure was enhanced mostly by the acquisition on Volvo Aero and compared to £1.75bn last year.
GKN, which makes car and aeroplane components for clients ranging from Volkswagen and General Motors to Boeing and Airbus, met market expectations with flat underlying sales and a marginally lower trading profit.
The company's light-vehicle markets showed mixed results, with Europe and Japan providing disappointing progress as production dropped 9% and 16% respectively. These shortfalls were offset, however, by strong growth in developing markets, with production up around 10% in both Brazil and China.
Looking forward, GKN maintained that it continued to expect 2013 to be a year of "good progress".
Chief executive Nigel Stein commented:
"We have met our expectations for the first quarter against the backdrop of challenging end markets. Last year's acquisition, GKN Aerospace Engine Systems (formerly Volvo Aero), is performing well against our restructuring and integration plan and made a strong financial contribution.
With restructuring charges now largely behind us, we expect the remainder of the year to show improvement, supported by our market leadership positions, advanced technology and extensive global footprint."
With a market cap of £4bn, GKN trades at around 8 times 2012 earnings and on a prospective dividend yield of 3.2%.
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> Mark does not own any share mentioned in this article.