Q2 2024 Tomra Systems ASA Earnings Call Transcript
Key Points
- Tomra Systems ASA (TMRAF) reported a strong cash flow from operations of EUR34 million for the quarter.
- The company achieved a gross margin of 44%, up 2 percentage points compared to the same quarter last year.
- The collection division delivered a 15% increase in revenue, driven by strong sales in regions like Romania and Austria.
- Tomra Systems ASA (TMRAF) has an all-time high order backlog at the end of Q2 2024, providing good visibility for future quarters.
- The food division's restructuring program is on track, with a focus on profitability and cost savings expected to deliver an EBITA run rate of 10% to 11% by the end of the year.
- Recycling division's order intake was down 12% and the revenue decreased by 15% compared to the same quarter last year.
- The food division experienced a 16% decline in revenue due to a softer market sentiment and delayed customer investments.
- Operating expenses remained high at EUR101 million, consistent with the previous quarters.
- The company had a small one-off cost of EUR0.5 million linked to the food restructuring program.
- Tomra Systems ASA (TMRAF) expects a slowdown in the second half of the year for the collection division, despite a strong first half.
Good morning from Asker, ladies and gentlemen. And welcome to TOMRA's second quarter results presentation for 2024. My name is Daniel Sundahl, and I'm Head of Investor Relations.
Today, CEO, Tove Andersen, will start by giving you the highlights of the quarter. And afterwards, CFO, Eva Sagemo, will dive deeper into the numbers. (Event Instructions) A link to the team's webinar registration can be found in this morning's stock exchange release.
Without further ado, I give the word to Tove.
Good morning from me as well. And welcome to our second quarter presentation.
Before I dive into the quarterly highlights, I wanted to do a bit of promotion for our Capital Markets Day. We will have a Capital Markets Day on September 5 in Alicante, Spain. There, we will give updates, me and my leadership team, on our businesses and our strategy. You will have the opportunity to join breakout sessions
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