Full Year 2024 Austal Ltd Earnings Call Transcript
Key Points
- Austal Ltd (ASX:ASB) achieved a record order book of $12.7 billion, reflecting strong demand and future growth potential.
- The company delivered seven ships this year and has 45 ships under construction or scheduled, indicating robust operational activity.
- Revenue from the US support business and Advanced Technologies business increased by $85 million, showcasing growth in these segments.
- The company resolved the long-standing Department of Justice matter, removing a significant uncertainty.
- Austal Ltd (ASX:ASB) has continued to invest in its facilities, including a significant CapEx in San Diego, positioning the company for future growth.
- Group revenue decreased by AUD116 million to AUD1.469 billion, primarily due to reduced revenue from the maturing LCS program in the US.
- Australasian operations experienced a decline, with minimal commercial vessel construction and reduced defense work, impacting overall revenue.
- The company faced a blip in the Australasian business, resulting in a $29 million hit to the bottom line.
- Operating cash flow was significantly impacted by onerous contracts and Australasian losses, affecting the cash position.
- No dividend was declared due to the future requirement for cash and the impact of the DOJ resolution, which may concern shareholders.
Hi, good morning, everybody, and welcome to the FY24 full year results call. I'm Patrick Gregg, the CEO of Austal, and I'm joined by our CFO, Christian Johnstone, will present in the same format as we normally do with me, giving a business overview and context and Christian will focus on the financial details.
As always, we plan to present for no more than 30 minutes on your time for your questions. I think in summary, it's been a really busy second half for the company and very exciting to get resolution to some issues that have been outstanding for quite some time like the Department of Justice matter.
And there's a lot changing in the business and it would be remiss of me not to mention that FY24 was the last financial year that our founder, John Rothwell served as Chairman of the Board. And while John continues to actively contribute to the company as a Non-Executive Director.
It certainly was his drive and determination as Chairman. That said, our Austin office, a successful company and that we see here today our new
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