PLYMOUTH—Officials at Horizon Global Corp. (NYSE: HZN), the manufacturer of branded towing and trailering equipment, announced preliminary net sales results for the first quarter of 2021 and announced a $10 million increase in the maximum amount of credit available under its revolving credit facility.
Horizon Global anticipates net sales for the first quarter of 2021 to be approximately $198 million. This anticipated result would reflect a net sales increase of approximately 22% compared to the same period in 2020.
In connection with the continued success of Horizon Global’s operational and financial turnaround, the Company also executed an amendment to its loan and security agreement with Encina Business Credit LLC to increase the maximum amount of credit available under its revolving credit facility from $75.0 million to $85.0 million. The amendment also increased sub-limits relating to the Company’s ability to borrow against in-transit inventory as well as inventory located at the Company’s Reynosa, Mexico facilities.
“Horizon Global‘s strong sales performance, coupled with our continuous improvement initiatives, are driving improved operating leverage and margin performance across the business,” stated Terry Gohl, Horizon Global president and CEO. “We expect our continuous operational improvement, together with heightened customer demand and order book momentum, to result in substantially improved profitability in 2021.”
The company will provide detailed quarterly financial results in early May when it releases earnings and files its quarterly report on Form 10-Q for the quarter ended March 31.
Horizon brands include Draw-Tite, Reese, Westfalia, Bulldog, Fulton and Tekonsha. The company has approximately 4,000 employees. For more information, please visit www.horizonglobal.com.