Giant posts revenue decline for 2017, predicts single-digit growth for 2018

By Stephen Frothingham

TAICHUNG, Taiwan (BRAIN) —Giant Manufacturing, closing its books on 2017, posted revenue for the year of $1.9 billion, a 3.5 percent decline from 2016.

Referring to its 2017 revenue, Giant said that if it were to exclude the foreign exchange impact from an appreciating Taiwan dollar, its results for the year would have been essentially flat.

After-tax income were also down year-to-year by 33 percent to $70.3 million; that loss in after-tax income is partially due to foreign exchange losses. Earnings per share were about 19 cents.

Giant, a bellwether company within the industry’s manufacturing sector, is taking a conservative approach as it projects growth for 2018.

“The outlook for 2018 — Giant projects single-digit sales growth for the group,” a Giant spokesman said in a press release Tuesday. “E-bikes will continue to drive growth in the European region and Giant will continue expanding into other cycling experiences like (traditional) bikes, accessories and components that are (being) driven by consumer demands,” the spokesman said. Those demands will support Giant’s brand as it grows sales in the global market, he added.

The company will review its outlook for the remainder of the year at its annual board meeting set for June 22.

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Via:: Bicycle Retailer and Industry News