Q2 2024 Duerr AG Earnings Call Transcript
Key Points
- Duerr AG (DUERF) achieved a record order intake of EUR 2.8 billion in the first half of 2024, driven by strong performance in the automotive sector.
- The company's EBIT margin before extraordinary effects improved from 4.9% in Q1 to 5.2% in Q2, indicating operational efficiency.
- Free cash flow was solid in Q2, supported by strong order intake and disciplined net working capital management.
- Duerr AG (DUERF) confirmed its 2024 outlook, with a good chance to reach the upper end of the guidance corridor for order intake at EUR 5 billion.
- The company has made significant progress in sustainability, reducing CO2 emissions by 51% since 2019 and receiving high ESG ratings, including a prime rating at ISS ESG and a platinum medal from Ecovadis.
- Net income declined by one-third due to higher PPA effects following the PBS Automation acquisition and increased interest costs.
- The HOMAG division experienced a sales decline of about 14%, impacting overall performance despite growth in other divisions.
- Extraordinary effects in Q2 were higher than in Q1, including one-time expenses for the divestment of Agramkow and capacity adjustments.
- Order intake in the Industrial Automation Systems division was slow due to delays in demand from e-mobility customers.
- The geographical distribution of sales showed a decline in China's share, partially offset by growth in Europe and the rest of Asia.
Welcome to the Duerr conference call. Dr. Jochen Weyrauch, CEO; and Dietmar Heinrich, CFO of Duerr AG, will present the Duerr Group's figures for the first half of 2024, followed by a Q&A session.
I will now hand over to Andreas Schaller, Head of Investor Relations of Duerr AG.
Thanks very much [like him]. Ladies and gentlemen, welcome. Thanks for your patience. Good afternoon, good morning to those of you in the US. This is our Q2 earnings conference call. And as usual, with me on the call are our CEO, Jochen Weyrauch; and our CFO, Dietmar Heinrich, and we present the results of the second quarter and first half Year as well as the outlook, and we'll be happy to answer your questions afterwards.
As always, our earnings presentation is available on our Investor Relations web pages. And we assume that you have it in front of you. Please to be aware for disclaimer regarding forward-looking statements on slide 2. And now it is my pleasure
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