Q2 report shows strong profitability in Mining and Cement industries for FLSmidth & Co.

From GlobeNewswire: 2024-08-15 01:28:00

FLSmidth & Co. Group’s Q2 2024 Interim Report reflects strong profitability in Mining and Cement, with a 13.1% Adjusted EBITA margin in Mining and 9.6% in Cement. Mining order intake decreased by 19%, while Cement decreased by 21%. Overall, the Group order intake decreased by 20% compared to Q2 2023. Revenue for Mining decreased by 13%, while Cement revenue decreased by 32%.

Service order intake increased, mainly driven by consumables and upgrades & retrofits. Products order intake declined due to a de-risking approach and customer hesitation on larger expansions. Financial guidance for 2024 remains the same, with expectations for ongoing business simplification and transformation efforts, improved profitability in Mining and Cement, and the exit from the Non-Core Activities segment.

Earnings call with Group CEO, Mikko Keto, and CFO, Roland M. Andersen, will occur on 15 August 2024 at 11:00 CEST. The presentation will be followed by a Q&A session, available via live audio-webcast on the FLSmidth website. Key figures for Q2 2024 show a 20% decrease in order intake, a 23% revenue decrease, and an increase in gross profit by 5%. The Adjusted EBITA margin was 10.2%, showing positive performance in challenging market conditions.



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