Q3 2024 Duerr AG Earnings Call Transcript
Key Points
- Duerr AG (DURYY) achieved a high order intake of EUR1.2 billion in Q3, contributing to a record order intake of EUR4 billion for the first nine months.
- The company reported a strong free cash flow of EUR82 million after nine months, driven by high order intake and disciplined net working capital management.
- The EBIT margin before extraordinary effects improved sequentially to 5.6%, with divisions like paint and final assembly systems reaching or exceeding mid-cycle margin targets.
- Duerr AG (DURYY) confirmed its 2024 outlook, with a good chance to reach the upper end of the guidance corridor for order intake and free cash flow.
- The company is progressing well with its strategic initiative to focus on core business areas, including the merger of divisions and potential sale of non-core businesses.
- Net income decreased by 24% in the first nine months due to higher PPA effects from acquisitions and increased interest costs.
- The order backlog declined slightly compared to the end of Q2, mainly due to negative exchange rate effects.
- Sales at HOMAG declined by 14%, impacting overall revenue growth despite increases in other divisions.
- The EBIT margin for industrial automation systems was temporarily impacted by customer insolvency and project re-evaluations.
- The company faces delays in automotive project execution, affecting sales realization and project timelines.
Welcome to the Durr conference call for the first nine months of 2024 followed by a Q&A Session. I will now hand over to Andreas Schaller, Head of Investor Relations of Durr AG.
Thank you very much. Ladies and gentlemen, good afternoon and good morning to those of you in the US. Welcome, everybody, to our Q3 earnings conference call. Joining me on the call today are our CEO, Jochen Weyrauch; and our CFO, Dietmar Heinrich. They will present the third quarter and first nine months results as well as the outlook and we'll be happy to answer your questions afterwards.
As always, our earnings presentation is available on our Investor Relations website, and we assume that you have it in front of you. Please refer to our disclaimer regarding forward-looking statements on slide 2.
And now it's my pleasure to hand over to our CEO, Jochen.
Thank
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