TROY, Mich.– Horizon Global Corporation, a manufacturer of branded towing and trailering equipment, has reported second quarter results, which demonstrate a continued focus on execution, operational excellence and a commitment to drive growth across the enterprise.
“We observed our two-year anniversary as a public company in the second quarter and delivered solid revenue growth and margin expansion,” said A. Mark Zeffiro, president and CEO of Horizon Global. “Total company revenues grew over 51 percent, predominantly as a result of the addition of Westfalia. Regionally, Horizon Americas delivered strong growth in e-commerce and aftermarket channels as sales recovered from order delays in the first quarter of 2017. Horizon Asia-Pacific experienced double-digit organic growth by expanding into industrial products. As a whole, the company’s operating profit more than doubled as a result of leverage from increased sales and operational improvements.”
He added, “We reiterate our confidence in achieving €9 million in expected synergies during 2017 due to our Westfalia integration efforts. The momentum in Horizon Europe-Africa continues to build, and we expect to realize ongoing benefits from the business in the back half of 2017 and beyond. We are also pleased to announce our recently completed acquisition of Best Bars Limited, an established leader in the towing and trailering industry in New Zealand. Best Bars is now part of Horizon Asia-Pacific, and we expect this acquisition to support the growth of our global OE business.”
Source: Business Wire press release