Half Year 2024 U Blox Holding AG Earnings Call Transcript
Key Points
- u-Blox Holding AG (UBLXF) reported half-year results at the higher end of their guidance.
- The company achieved CHF5 million in savings from their cost optimization program initiated at the beginning of the year.
- u-Blox Holding AG (UBLXF) maintained a resilient, positive free cash flow despite negative EBIT.
- The company secured significant business in the robotic lawnmower market, expected to generate over CHF100 million in revenue from 2024 onwards.
- u-Blox Holding AG (UBLXF) formed a strategic partnership with NVIDIA, enhancing their positioning technology's integration with AI platforms.
- Revenue for the first half dropped to CHF121 million, primarily due to customer inventory overstocking.
- The company's EBIT was negative, attributed to lower revenue and higher operational costs.
- Gross profit margin declined from 46.8% to 43.7% year-over-year.
- The cost optimization program's broader scope indicates ongoing financial challenges, targeting over CHF20 million in savings.
- The automotive segment experienced significant revenue drops due to overstocking, despite winning more projects compared to the previous year.
Everyone. I'm Rafael de la , the Head of IR at two blocks here together with our CEO, Stefan Fatala, in our recently joined CFO, Camila airport. Happy to have you onboard Cumberland Our agenda for today, we will present the main aspects of these results, provide you an outlook to the business and close it with the Q&A session. As always, in order to make a question, please follow the instructions in the webcast platform 79.
And over to you, welcome, everybody, and thank you, Rafael Velcom from our headquarters at Lake Zurich in Switzerland.
Let's move directly to Page 5 for the highlights of the period. We reported half year results, which came in at the higher end of our guidance. It turns out that we were right in our predictions last year during the Capital Market Day in November, you reached the lowest point of the cycle in the first quarter and saw a slight improvement in the second quarter, EBIT was quite negative as a consequence of lower revenue. Our cost
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