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ROCKWOOL upgrades expected earnings margin for full-year 2024
Company announcement
for ROCKWOOL A/S
Release no. 40 – 2024
to Nasdaq Copenhagen
18 July 2024
ROCKWOOL upgrades expected earnings margin for full-year 2024
Based on preliminary reporting, ROCKWOOL increases the expected EBIT margin for 2024 as follows:
Main preliminary highlights for Q2 and H1 2024:
Outlook 2024:
ROCKWOOL Group had a good Q2 2024 with solid growth. The sales increase was driven by volume growth while sales prices overall remained stable while trended slightly downwards in some markets to preserve market share. Earnings levels continued at the sound level experienced in Q1, as input costs remained lower than expected mainly because of stable energy prices.
The North American market continues to grow well, and our factories there are now running near full capacity, reflecting the strong demand and our ongoing efforts to catch up on deliveries and reduce lead times. Also, the regions Central and Eastern Europe including Russia continued the sales growth within the renovation and industrial business. Volume increased solidly in South Asia, driven by strong demand.
Despite good earnings in H1 2024, we still see the risk of a negative impact from sales prices during the second half of the year to preserve market share. In addition, inflation for some input costs remains persistent and we expect a continued negative product mix to impact margins.
Based on these factors, we expect the full year EBIT margin at around 17 percent, up from the previously outlook of around 15 percent. The outlook for sales remains unchanged with an expected growth of around mid-single-digit percent in local currencies. The investment level excluding acquisitions is maintained at around 375 MEUR.
ROCKWOOL Group will publish its full Q2 and H1 2024 results on 22 August 2024.
Further information:
Kim Junge Andersen
Chief Financial Officer
ROCKWOOL A/S
+45 46 56 03 00
Attachment
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti