ZF Reports Half-Year Results

ZF Friedrichshafen's group sales of €12.2 billion for the first half of 2015 from €9.2 billion in the same period last year. The privately held company has never before reported half-year results.

The half-year total includes the contribution of TRW Automotive Holdings Corp., which ZF acquired in May. When TRW's contribution is ignored, ZF's revenues climbed 11% to €10.2 billion. Negative currency effects reduce the gain to an adjusted 3%.

ZF's earning before interest, taxes, depreciation and amortization in January-June surged 66% to €1.5 billion. Results reflect the impact of the TRW purchase and the antitrust-required sale of ZF's 50% stake in its ZF Lenksysteme steering gear venture.

Net profit in the first half of 2015 more than doubled to €711 million. ZF's adjusted operating profit for the period was unchanged. The company estimates it will take 3-5 years to fully integrate TRW and says that process is on schedule.

ZF forecasts its full-year sales, bolstered by 7 months of contribution by TRW, will be between €29 billion and €30 billion. The company anticipates a profit margin of about 5%.