Q3 2024 Mycronic AB (publ) Earnings Call Transcript
Key Points
- Mycronic AB (MICLF) reported a 40% increase in sales, reaching almost SEK 1.8 billion, driven by strong performance in the Pati generators division.
- The company achieved a robust EBIT margin of 31%, with absolute EBIT more than doubling compared to the same quarter last year.
- The high volume division showed significant improvement, with a 56% increase in order intake and a 37% rise in sales.
- Mycronic AB (MICLF) confirmed its sales target for 2024, aiming to reach SEK 6.5 billion by the end of the year.
- The company made progress in sustainability efforts, with over 60% of its electricity now sourced from renewable energy.
- Order intake was flat, declining by 1% to just under SEK 1.5 billion, indicating potential challenges in maintaining growth momentum.
- The high flex division experienced a 5% decline in order intake and a 7% drop in sales, reflecting ongoing weakness in the European market.
- Despite higher revenues, the high volume division's margins remained unchanged year-over-year, suggesting challenges in improving profitability.
- The newly acquired Vanguard Automation business had no sales contribution in the quarter, impacting EBIT negatively by SEK 14 million.
- The backlog decreased to SEK 4.4 billion, as sales outpaced order intake, potentially affecting future revenue visibility.
Hello and welcome to the presentation of Mycronics Q3 report. My name is Sven Chetkovich. I'm the Director of Investor Relations at Mycronics and with me today, I have Anders Lindqvist Mycronics CEO and Pierre Brorsson CFO who will be presenting today with that. I hand over to Anders Lindqvist. Please go ahead and Mycronics present Q3 report.
Thank you very much and most welcome to everyone to today's session. So I will start to present a short overview of the quarter three results and what has happened. We will also look into the different divisions and the development and will talk a little bit deeper on the financials and finally a few words on our work in sustainability and then we finish with the question and answers and starting with that, starting with the quarter, I think we saw a very good increase in sales and water intake was quite flat on a not a super high level, declined with 1% to a little bit less than SEK1.5 billion billion. But
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