Half Year 2024 RENK Group AG Earnings Call Transcript
Key Points
- Strong revenue growth in Q2 2024, leading to an upgraded short and midterm outlook.
- Sizable order backlog, with a mission to execute it profitably.
- Operational efficiency improvements, particularly in the Augsburg site.
- Increased revenue guidance to around EUR1.1 billion and adjusted EBIT guidance to EUR175 million to EUR190 million.
- Defense-related business continues to be a key source of growth, with a strong presence in military vehicles.
- Supply chain challenges in the US, particularly in the Muskegon plant, affecting production efficiency.
- RENK America underperformed, impacting overall profitability.
- Higher R&D expenses, which are fully P&L affected and not capitalized.
- Increased SG&A expenses, including new items like the Annual General Meeting.
- Net working capital increased back to the level it had at year-end 2023, impacting cash flow.
Yes. Thank you very much, operator, and thank you, everyone, for joining our today's results call despite the holiday period.
As usual, speakers on today's call will be our CEO, Susanne Wiegand; and our CFO, Christian Schulz. We're also joined in the room by the entire management Board of RENK, including our Chief Operating Officer, Alexander Sagel. We also have our designated CFO, Anja Mänz-Siebje in the room. Her ability to join our meeting is quicker than my ability to update slides apparently. She is not in the slide, but she is in the room and Susanne and Christian will be our speakers for today.
Over to you, Susanne.
Thank you, Ingo. Welcome from my side, from our side. Thank you for joining and taking the time during this holiday period. I would start on slide 4 which you know, just to recall last year's figures. So you see here on that slide a concise summary of key financial metrics and revenue splits.
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