This release is a summary of
DOUBLE-DIGIT COMPARABLE OPERATING MARGIN AND CONTINUED STRONG ORDER INTAKE
Highlights from January-
- Order intake increased by 11% to
EUR 1,924 million (1,739), and the organic growth was 17% -
Service order intake increased by 7% to
EUR 949 million (889) -
Order book at the end of the period increased by 19% to
EUR 7,294 million (6,153) -
Net sales decreased by 10% to
EUR 1,321 million (1,465), and the organic decrease was 6% - Book-to-bill amounted to 1.46 (1.19)
-
Comparable operating result increased by 50% to
EUR 132 million (88), which represents 10.0% of net sales (6.0) -
Operating result increased by
EUR 35 million toEUR 127 million (92), which represents 9.6% of net sales (6.3) -
Basic earnings per share increased to
0.14 euro (0.09) -
Cash flow from operating activities increased to
EUR 258 million (145)
WÄRTSILÄ'S PROSPECTS
Marine
Energy
HÅKAN AGNEVALL, PRESIDENT & CEO: BECOMING A MORE FOCUSED AND PROFITABLE COMPANY
"
The headwinds for the global economy continued during the quarter. In the energy market, the current macroeconomic situation caused uncertainty and delayed decision-making. On the positive side, the global energy transition advances steadily. The move to renewables, combined with significant volumes of traditional inflexible assets nearing retirement, has resulted in a need for more flexibility in energy systems around the world. This creates ample growth opportunities for
In the marine market, trade flows around the world have been impacted by the conflicts in the
From the beginning of 2024, we simplified our organisation and reporting structure to two segments, Marine and Energy, both focused on decarbonising their respective industries. Portfolio Business will continue to be reported as other business activities. In the first quarter,
As we have communicated before, the Energy equipment business is lumpy by nature, which means that order intake, but also revenue recognition, can vary significantly from one quarter to another. In 2024, equipment deliveries and revenue recognition in Energy will be tilted towards the second half of the year, both in engine power plants and ES&O. In Marine, the lead times from equipment order intake to net sales are currently slightly longer, due to remaining constraints in shipyard capacity.
The comparable operating result increased by 50% to
In October of 2023, we announced a strategic review of ES&O to accelerate its profitable growth in a way that benefits customers, employees, and value creation for
We have continued our significant investments in R&D to develop sustainable and future-proof technologies. During the quarter, we launched Quantum2, a fully integrated high-capacity battery energy-storage system designed and optimised for global large-scale deployment. The high energy density of Quantum2 means fewer units are needed onsite. In February, it was announced that
We expect the demand environment for the coming 12 months to be better than the comparison period in both Marine and Energy. We are on a clear path to reach our financial targets, and we remain very well positioned for the future. We will continue to execute our strategy to make
MEUR | 1-3/2024 | 1-3/2023 | Change | 2023 |
Order intake | 1,924 | 1,739 | 11% | 7,070 |
of which services | 949 | 889 | 7% | 3,519 |
of which equipment | 975 | 850 | 15% | 3,550 |
Order book, end of period | 7,294 | 6,153 | 19% | 6,694 |
Net sales | 1,321 | 1,465 | -10% | 6,015 |
of which services | 833 | 736 | 13% | 3,148 |
of which equipment | 489 | 729 | -33% | 2,867 |
Book-to-bill | 1.46 | 1.19 | 1.18 | |
Comparable adjusted EBITA* | 137 | 93 | 47% | 518 |
% of net sales | 10.4 | 6.4 | 8.6 | |
Comparable operating result | 132 | 88 | 50% | 497 |
% of net sales | 10.0 | 6.0 | 8.3 | |
Operating result | 127 | 92 | 38% | 402 |
% of net sales | 9.6 | 6.3 | 6.7 | |
Result before taxes | 118 | 84 | 41% | 364 |
Basic earnings/share, EUR | 0.14 | 0.09 | 0.44 | |
Cash flow from operating activities | 258 | 145 | 822 | |
Net interest-bearing debt, end of period | -79 | 477 | 35 | |
Gearing | -0.04 | 0.24 | 0.02 | |
Solvency, % | 34.8 | 33.4 | 37.0 | |
*Comparable adjusted EBITA excludes items affecting comparability and purchase price allocation amortisation. |
ANALYST AND PRESS CONFERENCE
A virtual analyst and press conference will be held as a webinar today, on Friday
Participating via the web
Register and login to the web interface via the web address below. When you register, you are prompted to participate as a listener or as an active Q&A participant. Once the event starts, the event page will switch to the presentation mode automatically.
wartsila.videosync.fi/q1-2024/register
If you are participating via the web, you can enter the Q&A que by clicking the raise hand button on the bottom-right corner of the video/audio player. Once the event host announces your name, please open your microphone from the bottom-left corner of the video/audio player to be able to be heard.
Participating via the teleconference
Please use the teleconference dial-in option only if you experience issues with the web participation or your organisations firewalls set limitations for the web participation.
You can access the teleconference by registering on the link below. After the registration you will receive an email with the dial-in numbers and your personal PIN code to access the conference.
palvelu.flik.fi/teleconference/?id=50048991
If you are participating via the dial-in teleconference, you can enter the que by clicking *5 (star-five) in the telephone keypad, and if you want to withdraw your question, click *6 (star-six) respectively.
A recording of the webcast will be available on the company website as soon as possible after the event.
For further information, please contact:
Executive Vice President & CFO
Tel. +358 10 709 5444
arjen.berends@wartsila.com
Vice President, Investor Relations
Tel. +358 10 709 1461
hanna-maria.heikkinen@wartsila.com
For press information, please contact:
Anne Alarotu
Head of
Tel. +358 50 487 1308
anne.alarotu@wartsila.com
https://news.cision.com/wartsila-corporation/r/wartsila-s-interim-report-january-march-2024,c3968537
https://mb.cision.com/Main/15003/3968537/2762026.pdf
(c) 2024 Cision. All rights reserved., source