EQS-News: Wacker Neuson SE / Key word(s): Quarterly / Interim Statement/Quarter Results Wacker Neuson Group: As expected, first quarter of 2024 weaker than previous year – full-year revenue and EBIT guidance confirmed 07.05.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Wacker Neuson Group: As expected, first quarter of 2024 weaker than previous year – full-year revenue and EBIT guidance confirmed
Munich, May 7, 2024 – As expected, the Wacker Neuson Group got off to a slow start in the fiscal year 2024 due to the ongoing economic slowdown in the construction and agricultural sectors. High dealer inventories are also leading to a weaker order intake and make it more difficult to reduce net working capital. Measures to reduce SG&A as well as direct and indirect production costs have already been taken, but have not yet been able to fully compensate the reduced production output. Revenue fell by 11.1 percent year-over-year to EUR 593.1 million (Q1 2023: EUR 667.2 million), while earnings before interest and taxes (EBIT) amounted to EUR 36.9 million (Q1 2023: EUR 87.8 million). At 6.2 percent, the EBIT margin was lower than in the previous year (Q1 2023: 13.2 percent), but already higher than in the previous quarter of Q4 2023 (5.1 percent). The Wacker Neuson Group expects market demand and plant capacity utilization to improve over the remainder of the year, accompanied by a reduction in inventories. The full-year guidance for revenue and EBIT remains unchanged. The Group will also continue to focus on the implementation of its Strategy 2030 along the ten strategic levers. In the long term, the Group is aiming to achieve a revenue of EUR 4 billion, an EBIT margin of over 11 percent and a ratio of net working capital to revenue of less than 30 percent.
“After a very successful previous year, the 2024 financial year has begun with the expected challenges. The cyclical nature of the business is no surprise to us – we have already begun to adapt our structures to the lower market demand. We expect to increase revenue and profitability from quarter to quarter. We pay close attention to our annual targets and confirm them. Strategy 2030 keeps us on course in the long term and secures our track record,” explains Dr. Karl Tragl, Chairman of the Executive Board and CEO of the Wacker Neuson Group.
Q1 2024 results in detail
Guidance for 2024 unchanged Based on the volatile political and economic developments at the beginning of 2024, the Group is facing high levels of uncertainty for the current fiscal year. The Executive Board expects a reduction of dealer stock and an improvement in the overall market environment over the course of the year. The Executive Board therefore expects to see growth remain flat or fall slightly in fiscal 2024 in its three reporting regions Europe, Americas and Asia-Pacific. For the fiscal year 2024, the Executive Board expects revenue to lie between EUR 2,400 and 2,600 million, with an EBIT margin between 8.0 and 9.0 percent. Group revenue is expected to recover and profitability is forecast to grow slightly in fiscal 2025. Over the longer term, the Wacker Neuson Group believes that global megatrends will continue to provide opportunities for its business model. The Group plans to capitalize on these trends in the future in a number of ways, including by focusing on developing its core markets and offering a portfolio of innovative products and services.
Key indicators for the Wacker Neuson Group
1 The previous year's figure includes one-off income of EUR 15.5 million (sale of non-current assets no longer necessary for operations).
Management call and webcast A management call and webcast for institutional investors, analysts and members of the press is scheduled for May 7, 2024 at 11:00 a.m. CEST to present the Q1 2024 results, followed by a Q&A session. Registration for the event is possible after contacting ir@wackerneuson.com. A replay will be available later on the Wacker Neuson Group website.
Contact: Wacker Neuson SE Peer Schlinkmann Investor Relations Preussenstrasse 41 80809 Munich, Germany Tel. +49-(0)89-35402-1823 ir@wackerneuson.com www.wackerneusongroup.com
The Wacker Neuson Group's complete quarterly report for Q1 2024 is available at the following link: wackerneusongroup.com/en/investor-relations For press images relating to the Wacker Neuson Group, please see: wackerneusongroup.com/en/group/press-and-news About the Wacker Neuson Group: The Wacker Neuson Group is an international network of companies, employing around 6,600 people worldwide. In fiscal 2023, the Group achieved revenue of EUR 2.7 billion. As a leading manufacturer of light and compact equipment, the Group offers its customers a broad portfolio of products, a wide range of services and an efficient spare parts service. Wacker Neuson Group is the partner of choice among professional users in construction, gardening, landscaping and agriculture, as well as among municipal bodies and companies in industries such as recycling and rail transport. The product brands Wacker Neuson, Kramer and Weidemann belong to the Group. Wacker Neuson SE shares are listed on the regulated Prime Standard segment of the Frankfurt Stock Exchange (ISIN: DE000WACK012, WKN: WACK01) and are member of the SDAX. 07.05.2024 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: | Wacker Neuson SE |
Preußenstr. 41 | |
80809 München | |
Germany | |
Phone: | +49 - (0)89 - 354 02 - 1823 |
Fax: | +49 (0)89 354 02 - 298 |
E-mail: | ir@wackerneuson.com |
Internet: | www.wackerneusongroup.com |
ISIN: | DE000WACK012 |
WKN: | WACK01 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1896685 |
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