BERLIN (dpa-AFX) - Hensoldt AG (HAGHY), a German firm focused on sensor technologies for protection and surveillance, on Tuesday reported a decline in revenue for the first-quarter, mainly due to a strong last year's comparative and a decreased the pass-through business, revenue with a low value-added share.
In addition, the company has confirmed its annual revenue guidance.
For the three-month period, the company recorded adjusted EBITDA of 33 million euros, higher than 30 million euros, reported for the same period last year.
Excluding items, EBITDA margin improved to 10.2 percent from previous year's 9 percent, with a positive project mix and more efficient cost management.
Order intake almost doubled to 665 million euros from 347 million euros in 2023.
Order backlog stood at 5.879 billion euros, higher than 5.362 billion euros a year ago, supported by major orders in the Sensors segment, such as the German air defense system for close- and short-range protection ordered in January and additional orders for the TRML-4D radar.
Revenue, however, slipped to 329 million euros from last year's 338 million euros.
Looking ahead, Christian Ladurner, CFO of the Hensoldt Group, said: 'Starting in the second quarter, we also expect the first positive effects from the consolidation of the successful ESG acquisition. This will be an important driver for our revenues and order development. We are therefore optimistic for the fiscal year 2024 and confirm our outlook for all relevant key performance indicators.'
For the full year, Hensoldt continues to expect revenue of around 2.3 billion euros and significantly faster growth in order intake compared with the revenue growth.
Annual adjusted EBITDA margin before pass-through business is expected to be between 18 percent and 19 percent.
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