Q2 2024 Akastor ASA Earnings Call Transcript
Key Points
- Akastor ASA (AKKVF) reported a strong quarter with a significant cash inflow of USD 176 million from the final settlement of the DRU case.
- HMH demonstrated a 23% year-over-year growth in EBITDA, driven by increased aftermarket activity and stronger margins.
- The company extended its corporate revolving credit facility to the second quarter of 2026, ensuring financial flexibility.
- All three DDW Offshore vessels are now in operation, positioning the company well in an attractive market.
- The book equity value per share increased significantly from NOK 7.2 in Q1 to NOK 20.2 in Q2, driven by the DRU settlement.
- HMH's order intake fell below one times sales in Q2, indicating potential market selectivity or volatility.
- Free cash flow in the quarter was negative NOK 12 million, driven by working capital build and timing of key milestone collections.
- The company faced some operational challenges, including missteps related to past dues and timing of product milestones.
- There were significant cash outflows related to CapEx from previous periods, affecting Q3 net cash flow.
- The company has not recommended a dividend distribution for the second quarter, prioritizing financial flexibility and debt avoidance.
Good afternoon, and welcome to the presentation of Akastor second quarter results. My name is Ãyvind Paaske, CFO, and I'm here together with our CEO Mr. Karl Kjelstad. As usual, we are glad to also have with us HMH from Houston represented by Tom McGee, CFO; and David Bratton, SVP Finance.
Karl will start with some key highlights before Tom and David will go through HMH. I will then present the consolidated financials before Karl will wrap up. Towards the end, we'll open for questions through the webcast solution where questions can be posted at any time during the presentation. I'll then leave the word to Karl . Please Karl .
Thank you Ãyvind , and good afternoon and good morning to our US participants and thank you for joining us in the middle of the summer break time. We are pleased with our second-quarter results remain positive on the outlook for all of our portfolio companies. Let's move on to slide 2 with some key highlights for our cost store
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
