Horizon Global reported 199.2 million in net sales for the first quarter, an increase of $36 million – 22 percent – from the comparable period a year ago.
That helped the company cut its net losses for the quarter to $15.2 million, a $1.3 million improvement over Q1 of last year.
Horizon continues to rebuild and is on a positive path, its CEO said.
“We carried our positive momentum from 2020 into the first quarter of 2021, with our continued operational improvement initiatives driving significantly improved financial performance,” said Terry Gohl, Horizon Global’s president and CEO. “Our global team has shown great tenacity as the company continues to thrive in this unprecedented macro-economic environment. Our first quarter financial results reflect improvement across the board, from sales to profitability, as we continued to execute to our plan and received outstanding support from our customers and suppliers across the globe.”
Gohl added, “While a proportion of our period-over-period net sales increase is attributable to the COVID-impacted environment in the back half of March 2020, demand levels in January and February 2021 far exceeded those from the prior year periods. The sales increase is even more impactful when considering industry-wide logistics and supply chain headwinds. In addition to elevated sales across the business, our order book increased each month during the first quarter and continues to grow.”
