TOMRA, the global technology leader in sensor-based solutions for optimal resource productivity, announces its financial results for the first quarter of 2024.
Revenues for the Group amounted to 3,322 MNOK in the quarter, in line with the first quarter last year. Collection delivered strong revenues of 2,153 MNOK, an increase of 15% (currency adjusted). In Recycling, revenues declined 16% (currency adjusted) to 529 MNOK. This is in line with the estimated backlog conversion ratio for the quarter which is impacted by a higher share of large projects with longer lead times. In Food, revenues were impacted by seasonal variation in combination with a soft order intake in the third quarter 2023 and declined 15% (currency adjusted) to 688 MNOK.
The combination of low backlog conversion and solid order intake of 881 MNOK and 924 MNOK for Recycling and Food respectively in the quarter has resulted in a record high order backlog of 2,839 MNOK for the two divisions combined.
Gross margins for
Operating expenses in the quarter were 1,157 MNOK, which is in line with the fourth quarter last year. This excludes one-off costs of 18 MNOK in the quarter which relate to the ongoing cost reduction program in Food.
EBITA, adjusted for one-off costs, amounted to 176 MNOK in the first quarter, which is a decrease from 277 MNOK last year.
Earnings per share excluding one-off costs amounted to
Highlights 1Q 2024
(all growth figures are from the first quarter last year and adjusted for currency if not otherwise stated)
- Revenues amounted to 3,322 MNOK in
TOMRA Group , in line with last year - Revenue growth of 15% in Collection, but down 16% in Recycling and down 15% in Food
- Gross margin of 40.1%, in line with last year's 40.2%
- Operating expenses of 1,157 MNOK, adjusted for 18 MNOK in one-off costs related to the Food restructuring program, in line with the level in the previous quarter
- EBITA was 176 MNOK adjusted for food restructuring costs, and 158 MNOK including these costs
- Cash flow from operations was 228 MNOK
- Recycling order intake declined 12% while the backlog increased 9% to 1,459 MNOK - its highest level on record
- Food order intake declined 12% while the backlog increased 8% to 1,380 MNOK- its second highest level on record
"The first quarter was another strong quarter for our Collection division with continued high activity in new deposit return scheme (DRS) markets including
Looking ahead, we have a record high order backlog to deliver on in Recycling and Food combined, new DRS markets that have announced commencements in late 2024 and early 2025, and an exciting new technology portfolio to offer our customers in all three divisions. We are also pleased to announce two significant offtake agreements for TOMRA Feedstock with OMV and Borealis, to supply them with a stable flow of material for their recycling processes. This demonstrates the opportunities that lie ahead of us when industry leaders come together. Combined with a political will in the EU to adopt new legislation for increased circularity, important steps are being taken to enable a world without waste - in line with our mission at TOMRA to transform how we obtain, use and reuse our world's resources."
Webcast:
President & CEO
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Asker,
For further information, please contact:
Eva Sagemo, CFO
Tel: +47 934 39 911
Tel: +47 913 61 899
TOMRA developes solutions that enable circular economies and optimal resource productivity through automated identification, collection, grading, and sorting of resources. We optimize how resources are obtained, used, and reused - turning waste into valuable resources. Our vision is to lead the resource revolution and enable a world without waste.
TOMRA has more than 110,000 installations in over 100 markets worldwide and had total revenues of
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
https://news.cision.com/tomra-systems-asa/r/tomra--1q-2024--strong-quarter-in-collection--recycling-and-food-profitability-impacted-by-low-volum,c3968522
https://mb.cision.com/Public/4659/3968522/800aec4935d5b078.pdf
https://mb.cision.com/Public/4659/3968522/a3a18b3e66734392.pdf
https://mb.cision.com/Public/4659/3968522/b02f8ba7121bf729.pdf
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