Q2 2024 Brenntag SE Earnings Call Transcript
Key Points
- Brenntag SE (BNTGF) achieved results in line with market expectations despite a highly competitive business environment.
- Sequential volume recovery materialized as predicted, with improving capacity utilization rates.
- Gross profit per unit remained stable compared to the first quarter, thanks to various margin initiatives.
- The company executed further measures to achieve efficiencies and reduce operating costs, targeting an overall cost takeout of EUR300 million by 2027.
- Brenntag SE (BNTGF) received the EcoVadis Platinum status and improved its ISS ESG Corporate Rating to B-, indicating high transparency and industry-leading ESG performance.
- Sales in the second quarter amounted to around EUR4 billion, which is 2% below the prior year period.
- Operating EBITA declined by around 10% year-over-year, amounting to EUR297 million.
- Earnings per share stood at EUR1.03, compared to EUR1.23 in the second quarter of 2023.
- Free cash flow was significantly lower at EUR158 million compared to the prior year's exceptionally high free cash flow.
- The company anticipates sustained pressure on industrial chemical selling prices and a more stable gross profit per unit development in the second half of the year.
Good day. My name is Constantine, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Brenntag SE Second Quarter 2024 Results Call. All lines have been placed on mute to prevent any background noise. After the speakerâs remarks, there will be a question-and-answer session. (Operator Instruction)
I would now like to turn the call over to Thomas Altmann, Head of Investor Relations. You may now begin your conference.
Thank you, Constantine. Good afternoon, ladies, and gentlemen. And welcome to the earnings call for the second quarter of 2024. On the call with me today are our CEOs, Dr. Christian Kohlpaintner; and our CFO, Dr. Kristin Neumann.
They will walk you through todayâs presentation, which is followed by a Q&A session. All relevant documents have been published this morning on our website and can be found at brenntag.com in the Investor Relations section. In the same area, you will also find the recording of this
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