Wacker Neuson SE
Wacker Neuson Group: half-year 2024 results lower due to weak market compared to previous year – revised guidance for the fiscal year 2024
EQS-News: Wacker Neuson SE
/ Key word(s): Change in Forecast/Preliminary Results
Wacker Neuson Group: half-year 2024 results lower due to weak market compared to previous year – revised guidance for the fiscal year 2024
Munich, July 17, 2024 – the Wacker Neuson Group has published preliminary business figures for the first half of 2024 today. Moreover, the Executive Board revised the outlook for the second half of the year and, therefore, the full-year guidance 2024 relying on the preliminary figures. The reasoning behind this is based on persistently weak demand in the construction and agricultural machinery markets, characterised by persistently high dealer inventories, and the uncertain economic outlook. Contrary to the forecast at the beginning of the year, market demand is recovering not as expected, which is reflected in lower order intake and sales. Forward-looking industry indicators do not point to a recovery in the short term. With 7.7 percent, the Wacker Neuson Group improved the EBIT margin in the second quarter of 2024 compared to the first quarter by 1.5 percentage points. Free cash flow was positive at the end of the first half of 2024, among other things, as a result of successfully reduced inventories. Overall, the reduced production output as well as implemented cost reduction measures could not compensate the weak market demand. „The overall market and the industry remain weak. Our operating cost reduction measures positively impact the business enabling the margin improvement compared to the previous quarter. We have revised our guidance for 2024 because the current weak phase will last longer than anticipated and continue in the second half of 2024. In the upcoming months we will adjust our cost structures and increase our flexibility for the future.“, adds Dr. Karl Tragl, CEO of the Wacker Neuson Group. Preliminary business figures for the first half of 2024: The Wacker Neuson Group recorded a preliminary revenue of EUR 1,204.8 million in the first half of 2024, corresponding to a decrease of 11.8 percent compared to the previous year (H1/2023: EUR 1,365.9 million). Preliminary earnings before interest and taxes (EBIT) were at EUR 83.8 million, 52.6 percent down compared to previous year (H1/2023: EUR 176.7 million). Preliminary EBIT margin in the first half of 2024 was 7.0 percent (H1/2023: 12.9 percent). Investments amounted to EUR 48.3 million (H1/2023: EUR 69.2 million) in the first half of 2024. As of June 30, the net working capital ratio was 37.0 percent based on the annualized previous quarter’s revenue (December 31, 2023: 33.9 percent). The final first half of 2024 business figures of the Wacker Neuson Group will be published on August 13, 2024. Revised Guidance 2024 The changed guidance has no impact on the implementation of the Strategy 2030 along its ten strategic levers. A revenue of EUR 4 billion, an EBIT margin greater than 11 percent as well as a net working capital ratio of less than 30 percent remain the long term perspective.
Contact: Wacker Neuson SE www.wackerneusongroup.com
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17.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG. |
Language: | English |
Company: | Wacker Neuson SE |
Preußenstr. 41 | |
80809 München | |
Germany | |
Phone: | +49 – (0)89 – 354 02 – 1823 |
Fax: | +49 (0)89 354 02 – 298 |
E-mail: | ir@wackerneuson.com |
Internet: | www.wackerneusongroup.com |
ISIN: | DE000WACK012 |
WKN: | WACK01 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1948357 |
End of News | EQS News Service |