Q3 2024 Tomra Systems ASA Earnings Call Transcript
Key Points
- Tomra Systems ASA (TMRAF) reported a 6% revenue growth in Q3 2024, reaching EUR 326 million, driven by strong performance in the collection and food segments.
- The collection segment saw a 14% increase in revenue, attributed to growth in both existing and new markets, including significant contributions from North America and the launch of new products like the R2 reverse vending machine.
- The food segment experienced a 12% revenue growth, with improvements in order intake and backlog, reflecting successful restructuring efforts.
- Tomra Systems ASA (TMRAF) achieved a record high order backlog of EUR 134 million in the recycling segment, indicating strong future demand.
- The company reported a strong cash flow of EUR 99 million, highlighting effective working capital management and financial health.
- The recycling segment experienced an 18% decline in revenue due to lower volumes and a softer market, particularly in Europe.
- Operating expenses were EUR 97 million, slightly up compared to the same quarter last year, indicating ongoing cost pressures.
- The company faced a small one-off cost of EUR 0.5 million related to food restructuring, impacting overall profitability.
- Tomra Systems ASA (TMRAF) anticipates a slowdown in collection revenue in Q4 2024 compared to the strong performance in Q4 2023.
- The market sentiment in the plastic recycling sector remains weak, with no significant recovery expected in the near term.
Good morning from us here. Ladies and gentlemen and welcome to Tomra's third quarter results presentation for 2024. My name is Daniel Sundahl, and I'm Head of Investor Relations. As usual with our CEO Tove Andersen is here to give you the highlights of the quarter. And afterwards, our CFO Eva Sagemo will dive deeper into the numbers. At the end of the presentation, we will open up for Q&A for participants in the team's webinar. A link to the webinar can be found in this morning's Stock Exchange release. But before we start, I would just like to take this opportunity to thank all our investors and analysts who joined us in Alicante last month for our capital Markets Day and all of you who tuned in to the webcast as well. It was a pleasure to see you there and for those of you who missed it, the video and the presentation is of course available on the Tomra Investor Relations website. But without further ado I give the word to Tove Andersen.
Thank you, Daniel and Good morning, from me as well. I also want
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