Third quarter 2024
- Order intake increased 6 per cent to SEK 367 million (347); organic order growth was 8 per cent.
- Net sales increased 5 per cent to SEK 412 million (391); organic net sales growth was 8 per cent.
- Operating profit increased 65 per cent to SEK 91 million (55) and the operating margin was 22.0 per cent (14.1).
- Profit for the quarter increased 55 per cent to SEK 64 million (41).
- Basic and diluted earnings per share amounted to SEK 0.40 (0.26).
CEO Krister Blomgren comments:
"engcon posted a strong third quarter with increased net sales and an improved operating profit. Sales continue to rise and the order intake amounted to SEK 367 million (347), an organic increase of 8 per cent. Net sales amounted to SEK 412 million (391) and increased organically by 8 per cent.
Europe is the engine of our growth and continued strong demand in the region provided organic order growth of 39 per cent. In the Nordic region, the order intake remains at the same level as the previous year. Demand remains low and even if customers are needing to replace their vehicle fleets, factors such as high interest rates have led to cautious purchasing behaviour.
The gross margin improved considerably and amounted to 46 per cent (40) for the quarter, and was primarily a result of a strong market and product mix. Operating profit amounted to SEK 91 million (55), corresponding to an operating margin of 22 per cent (14). The strong performance in the quarter was the result of the high gross margin and lower selling costs.
The quarter demonstrated that our scalable and capital-efficient business model can generate strong earnings despite relatively low volumes. At the same time, we are well prepared to meet increased demand. Our efforts to change the world of digging together are continuing every single day across the entire world."
Q3 presentation today at 11.00 CEST
The report will be presented by Krister Blomgren, CEO and Marcus Asplund, CFO at 11.00 a.m. CEST today at a webcasted telephone conference accessible via this link:
https://ir.financialhearings.com/engcon-q3-report-2024
To access the teleconference, and thereby be able to ask questions, please register via the link below. After registration, you will be provided phone numbers and a conference ID to log in.
https://conference.financialhearings.com/teleconference/?id=50048767
The presentation material and a recorded version of the conference will be available at www.engcongroup.com.
For more information, please contact:
Anne Vågström, Head of Investor Relations
anne.vagstrom@engcon.se
+46 76 126 40 84
engcon is the leading global supplier of tiltrotators and associated equipment that enhance efficiency, flexibility, profitability, safety and sustainability of excavators. With knowledge, commitment and a high level of service, engcon's slightly more than 400 employees create success for their customers. engcon was founded in 1990, headquartered in Strömsund, Sweden and address the market through 14 local sales companies and an established network of resellers around the world. Net sales amounted to approximately SEK 1.9 billion in 2023. engcon's B share is listed on Nasdaq Stockholm.
For more information, visit www.engcongroup.com
This information is information that engcon AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-29 08:00 CET.
