Q1 2024 Alfa Laval AB Earnings Call Transcript
So good afternoon and welcome to Alfa Laval's First Quarter Earnings Call in 2024. And joining me is Fredrik, our CFO, and so we will go through the presentation. We have an AGM starting in a while so we're going to be a little bit tight in the meeting and we intend to finish at quarter to. With that, let me go to a couple of introductory comments as always.
First, as you noticed, overall demand remained strong in the quarter despite volatility in several end markets. A good conversion of the product pipeline and strong growth in service compensated for weakness in end markets like HVAC and offshore. Invoicing was lower than expected for several reasons with some negative margin impact especially on the Food & Water side. Invoicing is expected to return to anticipated levels in the next quarters. Finally, the group continues to exceed all communicated financial targets. At the same time, we are in a heavy investment period both within R&D and the capacity expansion program. We remain committed to lead the energy transition while
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