YIT Oyj (OTCPK:YITYY)

$ 1.29 0 (0%) Market Cap: 594.88 Mil Enterprise Value: 1.52 Bil PE Ratio: 0 PB Ratio: 0.75 GF Score: 53/100

Q3 2024 YIT Oyj Earnings Call Transcript

Oct 31, 2024 / NTS GMT

Release Date Price: $1.29

Transcript

Key Points

Positve

Profitability increased in all segments during the quarter, resulting in a positive cash flow.
The company upgraded its view on the Baltics residential market, indicating a return to normal market conditions.
YIT Oyj (FRA:YIT) sold a total of 550 homes to consumers during the quarter, showing strong sales performance.
The Infra segment showed consistent performance with a strong order book and solid profitability.
The transformation program achieved its cost savings target of EUR40 million ahead of schedule, contributing to improved profitability.

Negative

Revenue declined to EUR450 million, partly due to the absence of one-off transactions from the previous year.
The order backlog decreased by 19% year-on-year, which could impact future revenues.
Housing Finland's turnover and profitability decreased year-on-year, despite a positive EUR6 million item.
The company did not launch any new self-developed projects in Finland during the first 9 months, limiting future growth potential.
Net debt remained high at EUR790 million, with only minor amortizations planned for the near future.

Essi Nikitin

YIT Oyj - Vice President - Investor Relations

Good morning, everyone, and welcome to YIT's third quarter 2024 results webcast. My name is Essi Nikitin, and I'm heading the Investor Relations at YIT. Together with me here are our CEO, Heikki Vuorenmaa; and CFO, Tuomas Makipeska. At this point, I hand over to Heikki. Please go ahead.

Heikki Vuorenmaa

YIT Oyj - Chairman of the Group Management Team, President, Chief Executive Officer

Thank you very much, Essi, and good morning, everyone. Welcome to follow the YIT's third quarter highlights through this webcast. I will share some of the thoughts on our third quarter results, and then Tuomas will continue more details on our financial numbers and performance. The quarter progressed as planned. The profitability increased in all segments during the quarter, resulting in a positive cash flow.

As a result of market -- improved market environment, we also are pleased to upgrade our view on the Baltics residential market as the market has turned to the normal from our perspective. And during the

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