Nemak’s revenue fell nearly 18 percent in the first quarter and adjusted profit was down as a result of the COVID-19 pandemic that has shocked the global auto industry, the Mexican auto supplier said Thursday.
Nemak was the first major auto supplier in North America to report earnings amid the crisis. Several more auto suppliers are expected to post their results in the next few weeks.
The powertrain and body structure components supplier said revenue for the quarter was down to $907 million, largely because of the crisis’s impact on the industry and supply chain, in addition to lower volumes and aluminum pricing.
First-quarter earnings before interest, taxes and other adjustments dropped nearly 19 percent to $142 million because of lower volumes. Nemak posted a net loss of $14 million from net income of $58 million in the same period last year, the company said in a statement.
In North America, revenue was down 17 percent to $508 million, and EBITDA declined nearly 17 percent to…