- Q3 2024 revenue from continuing operations was EUR 72.7 million, slightly up from EUR 72.1 million in Q3 2023.
- Normalized EBITDA from continued operations of EUR 8.9 million (Q3 2023: EUR 9.1 million)
- Net profit from continuing operations in Q3 2024 was EUR 1.9 million (Q3 2023: EUR 1.6 million).
- One-off transaction related net costs of EUR 7.4 million in relation to the sale of the automotive business in Europe and the United States as announced on 1 October 2024.
- Net debt decreased to EUR 101.1 million at the end of Q3, compared with EUR 160.2 million at the end of Q3 2023.
Joep van Beurden, Kendrion CEO:
"I am pleased with the sale of our automotive business in Europe and the U.S. to Solero Technologies LLC. As of 1 October, we have begun implementing plans to right-size our organization and enhance our added-value margin. Annual operating costs are expected to decrease by approximately EUR 9 million, with full savings expected to be realized by 1 January 2025. Moving forward, we are now exclusively focused on Industrial opportunities in Europe, China, and the U.S., investing in selected Industrial market segments that can deliver a profitability of at least 15% EBITDA.
Despite the ongoing slow economic conditions, our continued operations-comprising Industrial Brakes, Industrial Actuators and Controls and our retained automotive business in Europe and China-saw slight improvements in both revenue and profitability in Q3 2024 compared to Q3 2023. Our strong project pipeline in China has helped offset the challenges facing the European economy, particularly in the automotive and machine-building sectors.
As we transition to a pure-play Industrial company, we are prioritizing profitability over growth. I am confident that we can achieve our new financial targets: an EBITDA of 15 - 18% from 2025 and an ROI of 23 - 27% by 2027. Additionally, we are committed to paying out annual dividends of at least 50% of normalized net profit starting in 2025.
Press release:
https://www.kendrion.com/en/about-kendrion/investor-relations/press-releases/press-releases-detail-page/q3-results-2024
- Normalized EBITDA from continued operations of EUR 8.9 million (Q3 2023: EUR 9.1 million)
- Net profit from continuing operations in Q3 2024 was EUR 1.9 million (Q3 2023: EUR 1.6 million).
- One-off transaction related net costs of EUR 7.4 million in relation to the sale of the automotive business in Europe and the United States as announced on 1 October 2024.
- Net debt decreased to EUR 101.1 million at the end of Q3, compared with EUR 160.2 million at the end of Q3 2023.
Joep van Beurden, Kendrion CEO:
"I am pleased with the sale of our automotive business in Europe and the U.S. to Solero Technologies LLC. As of 1 October, we have begun implementing plans to right-size our organization and enhance our added-value margin. Annual operating costs are expected to decrease by approximately EUR 9 million, with full savings expected to be realized by 1 January 2025. Moving forward, we are now exclusively focused on Industrial opportunities in Europe, China, and the U.S., investing in selected Industrial market segments that can deliver a profitability of at least 15% EBITDA.
Despite the ongoing slow economic conditions, our continued operations-comprising Industrial Brakes, Industrial Actuators and Controls and our retained automotive business in Europe and China-saw slight improvements in both revenue and profitability in Q3 2024 compared to Q3 2023. Our strong project pipeline in China has helped offset the challenges facing the European economy, particularly in the automotive and machine-building sectors.
As we transition to a pure-play Industrial company, we are prioritizing profitability over growth. I am confident that we can achieve our new financial targets: an EBITDA of 15 - 18% from 2025 and an ROI of 23 - 27% by 2027. Additionally, we are committed to paying out annual dividends of at least 50% of normalized net profit starting in 2025.
Press release:
https://www.kendrion.com/en/about-kendrion/investor-relations/press-releases/press-releases-detail-page/q3-results-2024
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