KION GROUP AG / DE000KGX8881
25.04.2024 - 06:53:47Solid start in the financial year: KION increases revenue and earnings in the first quarter
KION GROUP AG / Key word(s): Quarter Results (news with additional features) 25.04.2024 / 06:53 CET/CEST The issuer is solely responsible for the content of this announcement. Revenue up by 2.8 percent to € 2.859 billion (Q1 2023: € 2.781 billion) Adj. EBIT improves to € 226.7 million (Q1 2023: € 156.0 million) Adj. EBIT margin of 7.9 percent (Q1 2023: 5.6 percent) Positive free cash flow of € 65.7 million (Q1 2023: € 104.9 million) Full year 2024 outlook confirmed Frankfurt am Main, April 25th, 2024 – The KION Group started the financial year 2024 with revenue growth and improved profitability. The adjusted EBIT margin of 7.9 percent came in 2.3 percentage points higher year-on-year, with significant improvements in both operating segments. "KION Group had a solid start in 2024 substantially improving profitability at Group level and in both segments in the first quarter," says Rob Smith, CEO of KION GROUP AG. "Achieving the second best quarterly adjusted EBIT on the KION Group level lays a strong foundation to deliver our full year guidance." Group revenue in the first quarter of 2024 grew by 2.8 percent to € 2.859 billion year-on-year (Q1 2023: € 2.781 billion). In the Industrial Trucks & Services segment, revenue increased by 7.4 percent to € 2.153 billion (Q1 2023: € 2.005 billion), mainly due to the positive geographic and product mix as well as higher production output and sales prices. The service business also grew. Revenue in the Supply Chain Solutions segment declined by 8.1 percent to € 718.9 million (Q1 2023: € 782.5 million) due to the lower project business order intake of the previous quarters. The Supply Chain Solutions segment benefited from increased demand from pure e-commerce providers, general merchandise, and food retailers, but order intake in the project business remained subdued in the first three months impacted by customers’ hesitancy to sign new contracts due to macroeconomic uncertainties. In addition, the order book contains a higher proportion of long-term projects, whose revenue realization will extend over a longer period. Service business achieved a significant increase in revenue in the reporting period. Adjusted EBIT at Group level increased significantly to € 226.7 million (Q1 2023: € 156.0 million). The adjusted EBIT margin improved accordingly to 7.9 percent (Q1 2023: 5.6 percent). The Industrial Trucks & Services segment continued its positive development of the previous quarters and achieved a double-digit adjusted EBIT margin of 11.1 percent (Q1 2023: 8.8 percent) with an adjusted EBIT of € 239.7 million (Q1 2023: € 176.6 million). This was mainly due to the continued stability of material purchase prices, increased productivity as a result of improved material availability and revenue growth. In the Supply Chain Solutions segment, the adjusted EBIT margin increased to 2.6 percent (Q1 2023: 0.9 percent) with an adjusted EBIT of € 18.4 million (Q1 2023: € 7.1 million). Service business growth, improved project execution and the efficiency measures implemented contributed to the improvement in earnings and margins. At € 111.0 million, consolidated net income in the first quarter of 2024 was significantly higher year-on-year (Q1 2023: € 73.5 million). Free cash flow amounted to € 65.7 million (Q1 2023: € 104.9 million). KION Group Figures for the First Quarter 2024
[1] Adjusted for effects of purchase price allocations as well as non-recurring items. [2] Net income attributable to shareholders of KION GROUP AG: € 108.8 million (Q1/2023: € 72.1 million). EPS calculation is based on average number of shares of 131.1 million. [3] Free cash flow is defined as cash flow from ongoing business plus cash flow from investment activity. [4] Figures as of March 31, 2024, compared to balance sheet date Dec. 31, 2023. Prior-year figures for order intake and order book have been definition-related adjusted in the SCS segment. [5] Number of full-time equivalents incl. apprentices and trainees as of March 31, 2024, compared to balance sheet date Dec. 31, 2023. Outlook confirmed Due to the results in the first quarter of 2024, KION GROUP AG confirms the outlook published on February 29, 2024.
Disclaimer This release and the information contained herein are for information purposes only and do not constitute a prospectus or an offer to sell or a solicitation of an offer to buy any securities in the United States or in any other jurisdiction. This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ significantly from the results that are currently expected due to various risk factors and uncertainties such as changes in economic or industry-specific conditions, changes in the market environment or political situation, changes in domestic or international legislation, interest rate or exchange rate fluctuations, legal disputes and investigations, and the availability of financial resources. We do not assume any responsibility for updating the forward-looking statements in this release. Further information for media representatives Dr. Christopher Spies Senior Manager Corporate Communications Cell +49 (0)151 14 06 52 27 christopher.spies@kiongroup.com Further Information for Investors Sebastian Ubert Vice President Investor Relations Phone +49 (0)69 201 107 329 sebastian.ubert@kiongroup.com Raj Junginger Senior Manager Investor Relations Phone +49 (0)69 201 107 942 raj.junginger@kiongroup.com Website: www.kiongroup.com/media Follow us on: LinkedIn | Instagram | X (Twitter) | Facebook | WeChat | TikTok | YouTube Additional features: File: 0425_KION GROUP AG Press Release Q1 2024 File: Q1 25.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
Language: | English |
Company: | KION GROUP AG |
Thea-Rasche-Straße 8 | |
60549 Frankfurt/Main | |
Germany | |
Phone: | +49 69 20110-0 |
E-mail: | info@kiongroup.com |
Internet: | www.kiongroup.com |
ISIN: | DE000KGX8881 |
WKN: | KGX888 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1888903 |
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