Q3 2024 Saipem SpA Earnings Call Transcript
Key Points
- Saipem SpA (SAPMF) recorded the highest quarterly order intake since Q2 2019, with a strong order intake of EUR6.4 billion in Q3 2024.
- The company achieved its highest quarterly revenue ever at EUR3.7 billion, marking a 23% year-on-year and 10% quarter-on-quarter growth.
- EBITDA increased by 48% year-on-year and 14% quarter-on-quarter, supported by the E&C businesses, with an EBITDA margin improvement to 9.2%.
- Net cash flow generation was strong at EUR115 million, exceeding the cash flow of the previous two quarters, and net debt decreased.
- The backlog reached an all-time high of EUR33 billion, providing substantial visibility for future operations, with significant coverage for 2025 and 2026.
- The temporary suspension by Saudi Aramco impacted the Jika fleet, although mitigated to some extent.
- The onshore E&C segment showed lower margins due to the legacy projects, despite progress in clearing the backlog.
- There is a potential risk of revenue reduction if the Mozambique LNG project remains suspended into 2025.
- The company faces challenges in maintaining vessel availability and utilization, with the fleet fully booked until 2026.
- Supply chain tensions, particularly in electrical equipment and valves, could pose future challenges.
Good morning. This is the Chorus call conference operator. Welcome and thank you for joining the Saipem nine months, 2024 conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call? They may signal an operator by pressing star and zero on the telephone.
At this time, I would like to turn the conference over to Mr Alessandro Puliti, CEO of Saipem. Please go ahead sir.
Good morning and welcome to the presentation of the Saipem nine month 2024 results.
I'm here with Paolo Calcagnini, our CFO and with the rest of the top management team, I will start with the key I lights and then Paolo will cover the financial results in more detail.
I will then wrap up with my closing remarks before starting the Q&A session.
Let's start with the key highlights.
I'm pleased to report in the third quarter of
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