July 13, 2017 / 11:55 AM / a month ago

Norma raises FY sales guidance after stronger Q2

BERLIN, July 13 (Reuters) - Germany's Norma Group has raised its sales forecast for 2017 after posting higher sales in the second quarter, the company said on Thursday.

The maker of machine joining components now expects organic sales growth of around 4 to 7 percent year-over year, up from a previous growth estimate of around 1 to 3 percent.

Second-quarter sales increased 4.9 percent to around 263 million euros ($299.6 million), with six-month sales up 4.8 percent to around 518 million euros, Norma said.

The company referred to higher group sales expectations in the core regions of EMEA, Asia-Pacific and the Americas through the end of 2017 to explain its forecast revision.

Norma said it expects additional sales from already published acquisitions, stronger sales of trucks and farming equipment in the Americas and faster than expected localisation in China.

Based near Frankfurt and employing over 7,000 workers, Norma produces hose couplings, clamps and quick connectors. It is due to publish a full set of second-quarter results on Aug. 9.

$1 = 0.8780 euros Reporting by Andreas Cremer; Editing by Maria Sheahan

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