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Konecranes reports all-time high quarterly numbers

Konecranes Plc’s Interim Report for January-September 2023, shows an all-time high quarterly comparable EBITA margin.

“Konecranes had a strong Q3. Sales grew 18.3 per cent year-on-year in comparable currencies. As a result, we posted an all-time high comparable EBITA margin of 12.3 per cent, reaching our financial target range of 12-15 per cent for the first time on a quarterly basis,” says CEO Anders Svensson. “The excellent Q3 performance gives us confidence to deliver further sales growth and profitability improvement despite the weaker macro-environment around us.”

The summary of Konecranes Plc’s Interim Report is available on Konecranes’ website at www.konecranes.com.

“It has now been a year since I joined Konecranes as the President and CEO. I had high expectations when I started, and the past twelve months have only confirmed my initial positive impressions,” says Svensson. “I have traveled to multiple countries and met employees, customers, suppliers, investors and other stakeholders. The message from all these meetings has been clear: Konecranes is a great company and there is still potential for more.

“This year, we have started to unlock that potential, as reflected in our strong Q3 performance. Despite the uncertainty around us, we keep working hard towards achieving our ambitious financial targets.”

THIRD QUARTER HIGHLIGHTS

– Order intake EUR 852.9 million (1,087.9), -21.6 percent (-18.7 percent on a comparable currency basis), order intake decreased in all three segments

– Service annual agreement base value EUR 321.0 million (315.5), +1.7 percent (+6.0 percent on a comparable currency basis)

– Service order intake EUR 359.6 million (369.5), -2.7 percent (+2.2 percent on a comparable currency basis)

– Order book EUR 3,282.1 million (3,052.1) at the end of September, +7.5 percent (+11.7 percent on a comparable currency basis)

– Sales EUR 1,005.1 million (884.6), +13.6 percent (+18.3 percent on a comparable currency basis), sales increased in all three segments

– Comparable EBITA margin 12.3 percent (10.8) and comparable EBITA EUR 123.2 million (95.3); the increase in the comparable EBITA margin was mainly attributable to higher sales volumes and pricing

– Operating profit EUR 97.2 million (91.5), 9.7 percent of sales (10.3), items affecting comparability totaled EUR 18.0 million (-7.2), mainly comprising of restructuring costs

– Earnings per share (diluted) EUR 0.88 (0.77)

– Free cash flow EUR 114.6 million (-38.2)

JANUARY–SEPTEMBER 2023 HIGHLIGHTS

– Order intake EUR 3,235.4 million (3,267.6). -1.0 percent (+1.0 percent on a comparable currency basis)

– Service order intake EUR 1,112.9 million (1,083.0), +2.8 percent (+5.0 percent on a comparable currency basis)

– Sales EUR 2,817.4 million (2,343.9), +20.2 percent (+22.8 percent on a comparable currency basis)

– Comparable EBITA margin 11.2 percent (8.5) and comparable EBITA EUR 316.9 million (200.2); the comparable EBITA margin increased in all three segments

– Operating profit EUR 280.9 million (120.1), 10.0 percent of sales (5.1), items affecting comparability totaled EUR 12.9 million (55.3), mainly comprising of restructuring costs

– Earnings per share (diluted) EUR 2.26 (0.86)

– Free cash flow EUR 344.6 million (-66.2)

– Net debt EUR 518.0 million (749.7) and gearing 34.3 percent (56.7)