Q3 2024 Aker Solutions ASA Earnings Call Transcript
Key Points
- Aker Solutions ASA (AKRYY) reported a 35% increase in third-quarter revenue, reaching NOK13.2 billion, driven by solid operational performance.
- The company announced an extraordinary dividend of NOK21 per share, aiming to distribute about NOK10 billion to shareholders.
- Successful completion of significant project milestones, including the anchoring of the Johan Castberg FPSO and electrification of the Troll West platforms.
- The tender pipeline increased to NOK82 billion, indicating strong future project opportunities across oil and gas, renewables, and decarbonization sectors.
- Aker Solutions ASA (AKRYY) maintains a strong financial position with a net cash position of NOK11.7 billion, enabling continued investment and shareholder returns.
- Net income, excluding special items, decreased to NOK812 million from NOK1 billion a year ago.
- Operational cash flow was negative NOK519 million, primarily due to a working capital reversal of about NOK1.2 billion.
- The legacy renewable portfolio continues to negatively impact margins, despite overall segment growth.
- Net financial items were adversely affected by developments in the SLB share price and associated exchange rates.
- The company faces challenges in the renewables sector, with some projects experiencing delays, such as the Norfolk project not obtaining a CfD in the latest UK round.
Good morning, and welcome to Aker Solutions presentation of our third quarter results. My name is Preben Orbeck, and I am the Head of Investor Relations. With me today is our CEO, Kjetel Digre; and our CFO, Idar Eikrem. They will take you through the main developments of the quarter. (Event Instructions)
And with that, I leave the floor to Kjetel Digre.
Thank you, Preben, and welcome to everyone tuning in.
Let me start our presentation with the main messages for today. First and foremost, I'm happy to see that we continue to deliver on our financial targets. The third quarter revenue was NOK13.2 billion, which is a 35% growth from the same period last year. Our EBITDA in the quarter was NOK1.2 billion with a margin of 9.2%. The main driver behind the financial results is the solid operational performance across our project portfolio. And I would like to thank all our 11,700 colleagues for their valuable
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