EQS-News

SBO with high sales and solid EBIT in Q1 2024 despite competitive US market

EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Quarter Results SBO with high sales and solid EBIT in Q1 2024 despite competitive US market 23.05.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. SBO with high sales and solid EBIT in Q1 2024 despite competitive US market

• Q1 sales of MEUR 146.7 maintained a high level after record in 2023;
  EBIT at MEUR 20.6
• AMS division continued excellent performance: Sales at MEUR 81.9; 21.7% EBIT margin
• Results of OE division impacted by continued slow US market
• Bookings up by 1.7% q-o-q to MEUR 118.6
• Additional Velo3D metal printer in Europe expands additive manufacturing capacity 

Ternitz, 23 May 2024. Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed in the leading index ATX of the Vienna Stock Exchange, had a solid start to the year. SBO recorded a slight increase in bookings quarter-over-quarter, a positive shift after four consecutive quarters of decline. The Advanced Manufacturing & Services (AMS) business reported another quarter of high sales, driven by the positive international market environment. In the Oilfield Equipment (OE) business, the recently acquired Praxis Completion Technology contributed to growth in the Middle East, while the division’s US business faced increased market pressure.

SBO’s bookings of MEUR 118.6 were below the exceptionally strong Q1 2023 (MEUR 157.6), a quarter that was characterized by capacity securing order behavior of customers. However, Q1 2024 bookings increased by 1.7% compared to Q4 2023, driven by the AMS division. Sales of MEUR 146.7 continued at the high levels of previous quarters and Q1 2023 (1-3/2023: MEUR 147.3). The Group’s order backlog amounted to MEUR 195.0 at the end of March (31 December 2023: MEUR 225.4).

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached MEUR 28.8 in the first quarter (1-3/2023: MEUR 33.4), the EBITDA margin was 19.6% (1-3/2023: 22.7%). Profit from operations (EBIT) amounted to MEUR 20.6 (1-3/2023: MEUR 26.7) or 14.0% of sales (EBIT margin 1-3/2023: 18.1%). The earnings decline was entirely driven by the OE division.  Profit before tax amounted to MEUR 19.2 (1-3/2023: MEUR 27.0). Profit after tax came in at MEUR 15.0 (1-3/2023: MEUR 21.3), resulting in EUR 0.95 in earnings per share (1-3/2023: EUR 1.35).