Q3 2023 Alfa Laval AB Earnings Call Transcript
Good morning and welcome to Alfa Laval's earnings call for the third quarter. Fredrik and I, we will go through our normal presentation and after that, we will open up for Q&A.
So let me start with a few introductory comments as always. Let me remind you first that in 2022, we had several imbalances in the portfolio, both in the Energy Division and in the Marine Division. It triggered a restructuring program in the fourth quarter last year which now is completed according to plan, supporting the margin improvement in the quarter. The imbalances from 2022 are now corrected. Additionally, the strong order intake continued for Marine pumping system with a healthy order back book for 2023 and '24. The Marine Division margins started to recover in the third quarter as previously guided. Global supply chains continue to stabilize with customer service and lead times gradually returning to normal levels. The resulting improvement in the operating cash flow to almost SEK 3 billion was expected and welcomed.
And with that, let me move
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