Q2 2024 Hexagon Composites ASA Earnings Call Transcript
Key Points
- Hexagon Composites ASA (HXGCF) reported a significant reduction in CO2 emissions, equivalent to removing 120,000 petrol cars from the road for one year.
- The company achieved a solid Q2 2024 with NOK 1.15 billion in sales and an EBITDA margin of 12%, showing substantial margin growth.
- Hexagon Composites ASA (HXGCF) secured a major order from UPS worth close to USD 60 million, indicating strong commercial activity.
- The successful sale of Hexagon Ragasco to Worthington Industries resulted in a gain of NOK 677 million, strengthening the company's balance sheet.
- Hexagon Purus launched a groundbreaking heavy-duty battery electric truck in the US, receiving positive market response and initial orders.
- The US freight market remains relatively soft, which could impact future order volumes.
- Hexagon Composites ASA (HXGCF) faces challenges in the European market due to regulatory focus on tailpipe emissions rather than well-to-wheel emissions.
- The company has a high dependency on the North American market, with slower business growth in Europe.
- Despite strong financial performance, the company still faces significant competition in the Mobile Pipeline and industrial gas segments.
- The transition to new CFO leadership is still underway, which could create uncertainty in strategic direction.
Good morning, and welcome to Hexagon Composites and Q2 2024 financial presentation financial results. My name is Karen Romer, I'm the SVP Communications for Hexagon Composites. And joining me here in the auditorium in Oslo is Knut Flakk, our Chair of the Board, and David Bandele, our CFO, who will be covering this morning the Q2 highlights and market outlook, financial and then on outlook again with coming to the end.
And for those of you that are online audience, there is a question field on your screen. So during the presentation, feel free to input your questions and in the room here, at the end of the presentation, we will have a Q&A, and I'll ask you to wait for the mike to be delivered to you before and asking your questions so that we can include our webcast audience in hearing that.
So without further ado, I'd like to invite Knut Flakk to the stage.
Thank you, Karen. Good morning, everyone, and
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