EQS-News

ElringKlinger enjoys solid start to 2024 financial year - Seite 2

Sluggish market momentum in Europe and Asia-Pacific

The direction taken by revenue varied from region to region: ElringKlinger recorded revenue of EUR 153.2 million (Q1 2023: EUR 159.1 million) in the Rest of Europe, its strongest region in terms of revenue, in the first quarter of 2024. Here, revenue was down EUR 5.9 million or 3.7% on the previous year, with currency effects playing a role in the year-on-year decline. Assuming stable exchange rates, the decrease was less pronounced at EUR 2.8 million or 1.8%.

The Group generated revenue of EUR 70.7 million in the Asia-Pacific region in the quarter just ended (Q1 2023: EUR 81.4 million). Adjusted for currency effects, revenue amounted to EUR 73.7 million in the first three months of the financial year. In North America, revenue generated from sales during the first three months of 2024 amounted to EUR 121.3 million (Q1 2023: EUR 127.7 million) after strong growth in the previous year, which corresponds to a change of -5.0%. Exchange rates provided some support. In the region encompassing South America and Rest of World, revenue increased by 15.6% year on year to EUR 25.8 million in the quarter just ended (Q1 2023: EUR 22.3 million).

Adjusted EBIT margin at 5.2%

Against the backdrop of lower revenue, earnings before interest, taxes, depreciation, and amortization (EBITDA) remained comparatively robust at EUR 50.8 million (Q1 2023: EUR 53.6 million). This is attributable to the Group's revenue mix as well as a better, albeit high, footing with regard to commodity and material costs. ElringKlinger achieved adjusted EBIT of EUR 24.0 million (Q1 2023: EUR 26.4 million), corresponding to an adjusted EBIT margin of 5.2% (Q1 2023: 5.4%). The share of net income attributable to the shareholders of ElringKlinger AG increased to EUR 13.3 million (Q1 2023: EUR 6.7 million) thanks to a marked improvement in net finance cost and a year-on-year reduction in income tax expenses. Earnings per share totaled EUR 0.21 (Q1 2023: EUR 0.11).