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engcon’s interim report first quarter 2024

First quarter 2024

  • Order intake increased 1 per cent to SEK 410 million (408); organic order growth was 1 per cent.
  • Net sales declined 43 per cent to SEK 394 million (691); organic net sales growth was -43 per cent.
  • Operating profit declined 70 per cent to SEK 60 million (198) and the operating margin was 15.2 per cent (28.7).
  • Profit for the quarter decreased 67 per cent to SEK 49 million (149).
  • Basic and diluted earnings per share amounted to SEK 0.32 (0.93).

CEO Krister Blomgren comments:
” Order intake continued to stabilise in the first quarter of the year. The order intake of SEK 410 million (408) is in line with the last quarter of 2023, when the order intake was also somewhat positively impacted by pre-ordering effects. For Europe, our most important growth market, order intake increased 26 per cent compared with the year-earlier quarter. There are increasing signs that demand has bottomed out and is now on the rise. Net sales in the quarter amounted to SEK 394 million, which is a decrease of 43 per cent compared with the year-earlier period when we reported exceptional deliveries and broke our sales record. Sales subsequently declined from this record level in 2023, but pleasingly, this quarter breaks the negative trend.

Operating profit amounted to SEK 60 million (198), yielding an operating margin of 15.2 per cent. The deviation from the company’s long-term target of a margin of 20 per cent is partly due to lower volumes and partly due to the negative performance of derivatives and the adverse effect of costs for our new business system. We have adjusted our cost structure to the lower volume, with our favourable starting position allowing us to maintain healthy profitability while continuing to invest for the future even in more challenging times.

As we enter the next quarter, we predict a gradual positive trend for the remainder of the year. We continue to work hard to meet our customers’ needs while creating a flexible and cost-conscious organisation.

Q1 presentation today at 10.00 CEST

The report will be presented by Krister Blomgren, CEO and Jens Blom, CFO at 10.00 a.m. CEST today at a webcasted telephone conference accessible via this link:

To access the teleconference, and thereby be able to ask questions, please register via the link below. After registration, you will be provided phone numbers and a conference ID to log in.

The presentation material and a recorded version of the conference will be available at www.engcongroup.com.

For more information, please contact:
Anne Vågström, Head of Investor Relations
+46 76 126 40 84

engcon is the leading global supplier of tiltrotators and associated equipment that enhance efficiency, flexibility, profitability, safety and sustainability of excavators. With knowledge, commitment and a high level of service, engcon's slightly more than 400 employees create success for their customers. engcon was founded in 1990, headquartered in Strömsund, Sweden and address the market through 14 local sales companies and an established network of resellers around the world. Net sales amounted to approximately SEK 1.9 billion in 2023. engcon’s B share is listed on Nasdaq Stockholm.

For more information, visit www.engcongroup.com