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EQS-Ad-hoc: KION GROUP AG / Key word(s): Quarter Results/Change in Forecast DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ARTICLE 17 OF REGULATION
Keywords: Outlook, Quarterly Financials KION GROUP AG Thea-Rasche-Straße 8 60549 Frankfurt am Main ISIN DE000KGX8881
Adjusted EBIT in the third quarter of 2023 significantly better than expected at Group level due to a significantly stronger third quarter of 2023 in the Industrial Trucks & Services segment; KION GROUP AG adjusts outlook for the full year 2023 Frankfurt/Main, October 13, 2023 For the third quarter of 2023, based on preliminary results, the Executive Board of KION GROUP AG expects adjusted EBIT to be approximately €224 million (previous year: -€101.1 million) at Group level, which is significantly above market expectations (Vara Research consensus as of October 11, 2023: €191.7 million; average of estimates from 17 financial analysts). Drivers for the significantly better-than-expected earnings in the Industrial Trucks & Services (ITS) segment are continued stability of the supply chain enabling higher production volumes, and positive effects from the commercial and operational agility measures initiated last year. Based on preliminary results, adjusted EBIT for the ITS segment is expected to significantly exceed market expectations in the third quarter of 2023 and reach approximately €235 million (previous year: €102.6 million) (Vara Research consensus as of October 11, 2023: €199.3 million; mean value from estimates of 17 financial analysts). In the Supply Chain Solutions (SCS) segment, adjusted EBIT based on preliminary results for the third quarter 2023 is expected to amount to approximately €16 million (previous year: €-182.0 million). The KION Group expects revenue at Group level for the third quarter of 2023 to be approximately €2.730 billion (Q3 2022: €2.706 billion), of which approximately €2.025 billion is expected to be generated by the ITS segment (Q3 2022: €1.839 billion) and approximately €719 million is expected to be generated by the SCS segment (Q3 2022: €874.4 million). Free cash flow is expected to improve to approximately €101 million (Q3 2022: €-380.4 million). Based on the preliminary results in the third quarter of 2023, the Executive Board of KION GROUP AG today, on October 13, 2023, adjusted the outlook for the fiscal year 2023 for the Group and the ITS and SCS segments, which was originally published on March 2, 2023 and last adjusted in July 2023, as follows:
Due to the continuing positive effects of the measures initiated, the full-year outlook for adjusted EBIT in the ITS segment has been raised again. The order intake in the SCS segment in the current fiscal year includes mainly long-term projects, which will not yet convert into revenue in the current year. Therefore, the full year outlook for the SCS segment was revised downwards slightly. KION GROUP AG will announce the final results for the third quarter of 2023 on October 26, 2023. Explanations and reconciliations of the key financial figures used can be found in the Annual Report 2022 of KION GROUP AG (available at https://www.kiongroup.com/en/Investor-Relations/Publications/), in particular on pages 73 et seq. The Vara Research consensus is published at https://www.kiongroup.com/en/Investor-Relations/Share/.
Contact for investors Sebastian Ubert Raj Junginger End of Inside Information
13-Oct-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
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| Language: | English |
| Company: | KION GROUP AG |
| Thea-Rasche-Straße 8 | |
| 60549 Frankfurt/Main | |
| Germany | |
| Phone: | +49 69 20110-0 |
| E-mail: | info@kiongroup.com |
| Internet: | www.kiongroup.com |
| ISIN: | DE000KGX8881 |
| WKN: | KGX888 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1748953 |
| End of Announcement | EQS News Service |
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1748953 13-Oct-2023 CET/CEST
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