Q2 2024 Montana Aerospace AG Earnings Call Transcript
Key Points
- Montana Aerospace AG (XSWX:AERO) achieved a net sales increase of more than 17% for continued operations compared to the previous year.
- The company's adjusted EBITDA grew by over 44%, indicating a faster growth rate than net sales.
- The aerostructures segment experienced a net sales growth of more than 22%, with an adjusted EBITDA increase of over 68%.
- The energy segment saw a sales increase of 10% and an adjusted EBITDA growth of 35%, benefiting from strong market demand.
- Montana Aerospace AG (XSWX:AERO) successfully signed the sale of its loss-making e-mobility segment, which is expected to close in the fourth quarter of 2024, allowing for debt reduction and strategic investments.
- The aerospace market remains volatile, with lower build rates from major customers like Airbus and Boeing impacting sales.
- The company anticipates a reduction in sales by EUR50 million to EUR70 million due to lower rates from major OEMs.
- The e-mobility segment, although sold, showed a negative impact on net income, with a loss of over EUR20 million.
- Montana Aerospace AG (XSWX:AERO) faces challenges in managing supply chain instability and requires clarity from OEMs to plan resources effectively.
- The company's net debt increased slightly due to higher inventory levels, impacting free cash flow, which was negative in the first half of the year.
A warm welcome from our side to everybody attending today's earnings call for the first half year's financial of Montana Aerospace. Great to have you here and attending as always, some Michael Pistauer and my colleague, Kai Arndt will guide you through the presentation.
Kai will give you more detail also and more color on the development of aerospace and Aerostructures in detailed in within the presentation and after the presentation, we are happy also to answer your questions and to discuss the following developments of the next quarters.
Before we start with the highlights let me shortly tell you what we expected. We expected as many of you know, volatile times the expected that also within high announcements of build rates, the build rates in aerospace might not develop in 2024, (inaudible) announced, Kai will give you more detail on that one and exactly that happened.
And we expected also that within this, I would say, very volatile times, Montana Aerospace has not only to compensate maybe those topics, but also to
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