Bekaert: 2024 Half Year Results

   Strategic progress and financial resilience delivers improved profit marginsSales at € 2.1 billion • EBITu of € 204 million (margin 9.9%) • EPSu of € 3.04 • Free Cash Flow of € 43 million • ROCEu 18.5% • Net debt/EBITDAu of 0.7x Bekaert delivered another period of improving profit margins and solid cash flow generation in line with expectations, managing the challenges of weaker end markets and lower volumes.Whilst the operational performance was mixed in certain business areas...

Zwevegem, 26/07/2024 (informazione.it - comunicati stampa - industria)

  

Strategic progress and financial resilience delivers improved profit margins

Sales at € 2.1 billion • EBITu of € 204 million (margin 9.9%) • EPSu of € 3.04 • Free Cash Flow of € 43 million • ROCEu 18.5% • Net debt/EBITDAu of 0.7x

Bekaert delivered another period of improving profit margins and solid cash flow generation in line with expectations, managing the challenges of weaker end markets and lower volumes.

Whilst the operational performance was mixed in certain business areas and there were some delays in growth markets, the ongoing strategic execution, improving product price and mix and extracting further cost efficiencies have offset these challenges to deliver a result in line with expectations. With underlying gross profit margin improving to 18.4%, EBITu margins up to 9.9% and robust free cash flow of € 43 million in H1 2024, profit expectations for the full year 2024 remain unchanged.

Financial highlights

Operational and strategic highlights

Outlook

The company's resilient financial performance in H1 and robust financial position gives us confidence in our ability to further deliver on our strategic and financial priorities. There have been delays to some growth businesses and in this environment, management now expects a modest decline in sales in FY 2024 against FY 2023. However, it does anticipate increasing EBITu margins in 2024 and EBITu in-line with current expectations, alongside further strong free cash flow generation. Looking beyond 2024, management remains confident in its existing longer term targets.

Conference call

Yves Kerstens, CEO of Bekaert and Taoufiq Boussaid, CFO, will present the H1 2024 results at 10:00 a.m. CET on Friday 26th July. This presentation can be accessed live upon registration via the Bekaert website (bekaert.com/en/investors) and will be available on the website after the event.

 

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