Q2 2024 Wartsila Oyj Abp Earnings Call Transcript
Key Points
- Net sales increased by 7%, with both services and equipment showing growth.
- Order intake grew by 10%, reaching an all-time high order backlog of EUR 7.6 billion.
- Comparable operating results increased by 63%, achieving a double-digit comparable operating margin.
- Strong cash flow continues, with EUR 216 million generated in Q2.
- Positive market sentiment in the marine segment, with increased demand for new ships and alternative fuels.
- Operating margin percentage is expected to be lower in the second half of the year due to a higher mix of equipment deliveries.
- Service net sales growth was slower on the energy side compared to the previous year.
- Order intake in the energy segment decreased by 6%, driven by lower orders in energy storage and optimization.
- Cash flow from operating activities was EUR 40 million lower than in Q1.
- Continued uncertainty in the market environment due to geopolitical factors and protectionist policies.
Good morning, and welcome to this news session for Wärtsilä half-year results presentation. My name is Hanna-Maria Heikkinen, and I'm in charge of investor relations.
Today, our CEO, Hakan Agnevall, will start with the group highlights, business performance. And after that, our CFO, Arjen Berends, will continue with the key finances. After the presentation, there is a possibility to ask questions. Let's first take one question per analyst and then follow up with the follow-up questions.
Hakan, please.
Thank you, Hanna-Maria, and welcome everybody to the summary of a strong second quarter.
I think solid quarter, order intake, profitability, cash flow, all improved. Net sales increased by 7%, order intake increasing by 10% and we are yet to end in a quarter with an all-time high order backlog at about EUR7.6 billion.
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