2021-10-28Press release

Several major, strategic contracts signed in a quarter blighted by semiconductor shortage  


  • Net sales amounted to SEK 764 (853) million, a decrease of -10.5% on the same period last year. 
  • Operating earnings (EBIT) totaled SEK 31 (40) million, equating to an operating margin of 4.1% (4.7). 
  • Earnings after tax amounted to SEK 16 (17) million. 
  • Order bookings amounted to SEK 830 (1,322) million, a decrease of -37.2% on the same period last year.
  • Cash flow from operating activities totaled SEK -122 (157) million.
  • Earnings per share were SEK 0.68 (0.91).
  • Bulten signed a strategically important agreement in China regarding the supply of fasteners to a leading provider of consumer electronics. The agreement has an estimated annual value of approximately SEK 50 million. Deliveries started in the middle of the quarter.    
  • Bulten strengthened an existing FSP (Full Service Provider) contract for the supply of fasteners, with a further order from a European automotive manufacturer. The order is worth approximately SEK 68 million per annum. Deliveries are estimated to start in Q4 2021, will reach full pace in 2022, and will run for three years.
  • Bulten was awarded a new FSP (Full-Service Provider) contract by a European automotive manufacturer, which is also a new customer for Bulten. The contract relates to supply of fasteners for an electric vehicle program that is under development. The order value is approximately SEK 220 million a year at full production. Deliveries are estimated to start in the third quarter of 2022, reaching full pace by 2025.   


  • Net sales amounted to SEK 2,777 (2,115) million, an increase of 31.3% on the same period last year. Adjusted for acquisitions, the increase amounted to 27.6%. The acquisition of PSM took place on February 28, 2020.
  • Operating earnings (EBIT) totaled SEK 184 (24) million, equating to an operating margin of 6.6% (1.2).
  • Earnings after tax amounted to SEK 122 (-13) million.
  • Order bookings totaled SEK 2,787 (2,419) million, an increase of 15.2% on the same period last year.
  • Cash flow from operating activities totaled SEK 3 (271) million.
  • Earnings per share were SEK 5.69 (-0.33).
  • Net debt amounted to SEK 623 (605) million. Net debt (excluding lease liabilities) totaled SEK 285 (238) million.
  • The equity/assets ratio was 50.9% (49.7) at the end of the period. The equity/assets ratio (excluding lease liabilities) totaled SEK 56.6% (56.0).


"The shortage of semiconductors that has been impacting the global automotive industry since Q2 2021 was an even greater obstacle during Q3. A number of our customers’ production units have been closed or running at reduced capacity during certain periods. The negative impact of the semiconductor shortage on Bulten’s sales is estimated at 25-30% during the third quarter, which is in line with LMC Automotive’s estimated loss of production on the European market. Underlying demand in the consumer stage remains strong, but at present vehicle production cannot keep up with demand.
     During the quarter, Bulten’s net sales decreased by -10.5% compared to the corresponding quarter last year – a quarter when volumes had started to recover after the pandemic.
     Reduced volumes and lower capacity utilization in Q3 meant that we had to take necessary decelerating measures to reduce our stock, which has had a negative impact on earnings in the short term.
     The shortage of semiconductors, along with price rises for steel, are external macroeconomic and partly geopolitical factors that are expected to continue affecting Bulten’s sales and margins negatively for the rest of 2021.
     From a longer-term perspective, Bulten’s growth and earning capacity is very good. The inflow of new contracts, from both new and existing customers in and outside of automotive, has never been as strong as it has to date in 2021. As announced previously, Bulten has won a number of major contracts during the quarter, where our broad product offering and our sustainability solutions have been key factors in why customers chose us as a supplier.
     In addition, we can see that the measures we have taken as part of our ‘Stronger 24’ strategy are producing results, both in the shape of new business and productivity, and we continue to roll the strategy out to build an even stronger Bulten.”

                                                                                                                                                                Anders Nyström, President and CEO

Investors, analysts and media are invited to participate in the teleconference on October 28 at 15:30 CEST. The report will be presented by President and CEO Anders Nyström and CFO Anna Åkerblad via audiocast.

The presentation will be held in English and can be followed live via the link: http://www.financialhearings.com/event/13094. It will also be possible to take part of the audiocast afterwards at the same address or at www.bulten.com/ir.

To participate in the teleconference, please call 5 minutes before the opening:
SE:  +46850558366 
UK: +443333009035
US: +16467224904 

Copies of the presentation will be available at www.bulten.com/ir 30 minutes before start. 

For further information, please contact:
Ulrika Hultgren, SVP Corporate Communications & IR
Tel:+46 72-747 17 58, e-mail:Ulrika.hultgren@bulten.com

This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13:30 CEST on 28 October 2021.

Bulten Group is a leading global manufacturer and supplier of fasteners to the automotive industry, as well as other customer groups such as consumer electronics and home appliances. The offering extends from a wide range of standard products to specially adapted fasteners. With Bulten’s Full Service Provider concept, customers can entrust all their fastener needs to the company, including development, sourcing, logistics and service. The company was founded in 1873, has approximately 1,700 employees in 16 countries and is headquartered in Gothenburg, Sweden. Net sales in 2020 totaled SEK 3,195 million. Since 2020, PSM International has been a part of Bulten. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com.