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EQS-News: KION GROUP AG
/ Key word(s): Quarter Results
Solid start in the financial year: KION increases revenue and earnings in the first quarter
Frankfurt am Main, April 25th, 2024 – The KION Group started the financial year 2024 with revenue growth and improved profitability. The adjusted EBIT margin of 7.9 percent came in 2.3 percentage points higher year-on-year, with significant improvements in both operating segments. "KION Group had a solid start in 2024 substantially improving profitability at Group level and in both segments in the first quarter," says Rob Smith, CEO of KION GROUP AG. "Achieving the second best quarterly adjusted EBIT on the KION Group level lays a strong foundation to deliver our full year guidance." Group revenue in the first quarter of 2024 grew by 2.8 percent to € 2.859 billion year-on-year (Q1 2023: € 2.781 billion). In the Industrial Trucks & Services segment, revenue increased by 7.4 percent to € 2.153 billion (Q1 2023: € 2.005 billion), mainly due to the positive geographic and product mix as well as higher production output and sales prices. The service business also grew. Revenue in the Supply Chain Solutions segment declined by 8.1 percent to € 718.9 million (Q1 2023: € 782.5 million) due to the lower project business order intake of the previous quarters. The Supply Chain Solutions segment benefited from increased demand from pure e-commerce providers, general merchandise, and food retailers, but order intake in the project business remained subdued in the first three months impacted by customers’ hesitancy to sign new contracts due to macroeconomic uncertainties. In addition, the order book contains a higher proportion of long-term projects, whose revenue realization will extend over a longer period. Service business achieved a significant increase in revenue in the reporting period. Adjusted EBIT at Group level increased significantly to € 226.7 million (Q1 2023: € 156.0 million). The adjusted EBIT margin improved accordingly to 7.9 percent (Q1 2023: 5.6 percent). The Industrial Trucks & Services segment continued its positive development of the previous quarters and achieved a double-digit adjusted EBIT margin of 11.1 percent (Q1 2023: 8.8 percent) with an adjusted EBIT of € 239.7 million (Q1 2023: € 176.6 million). This was mainly due to the continued stability of material purchase prices, increased productivity as a result of improved material availability and revenue growth. In the Supply Chain Solutions segment, the adjusted EBIT margin increased to 2.6 percent (Q1 2023: 0.9 percent) with an adjusted EBIT of € 18.4 million (Q1 2023: € 7.1 million). Service business growth, improved project execution and the efficiency measures implemented contributed to the improvement in earnings and margins. At € 111.0 million, consolidated net income in the first quarter of 2024 was significantly higher year-on-year (Q1 2023: € 73.5 million). Free cash flow amounted to € 65.7 million (Q1 2023: € 104.9 million).
KION Group Figures for the First Quarter 2024
[2] Net income attributable to shareholders of KION GROUP AG: € 108.8 million (Q1/2023: € 72.1 million). EPS calculation is based on average number of shares of 131.1 million. [3] Free cash flow is defined as cash flow from ongoing business plus cash flow from investment activity. [4] Figures as of March 31, 2024, compared to balance sheet date Dec. 31, 2023. Prior-year figures for order intake and order book have been definition-related adjusted in the SCS segment. [5] Number of full-time equivalents incl. apprentices and trainees as of March 31, 2024, compared to balance sheet date Dec. 31, 2023.
Due to the results in the first quarter of 2024, KION GROUP AG confirms the outlook published on February 29, 2024.
The Company The KION Group is one of the world’s leading providers of industrial trucks and supply chain solutions. Its full spectrum of services includes industrial trucks, such as forklift trucks and warehouse trucks, as well as integrated automation technologies and software solutions for the optimization of supply chains—including all related services. The KION Group’s solutions ensure the smooth flow of materials and information in customers’ warehouses, production plants, and distribution centers in over 100 countries. The MDAX listed group is the largest manufacturer of industrial trucks in the EMEA region based on the number of units sold in 2022. Based on revenue for the year 2022, the KION Group is the leading overseas manufacturer in China, and including domestic manufacturers, the third-largest supplier there. The KION Group is also one of the world’s leading warehouse automation providers, based on 2022 revenue. At the end of 2023, more than 1.8 million industrial trucks of the KION Group were in use by customers from all manner of sectors and of varying sizes on six continents. The group currently has more than 42,000 employees and generated revenue of approx. € 11.4 billion in the 2023 financial year. You can access up-to-date image material for the KION Group via our image database https://kion-mediacenter.canto.global/v/MediaCenter/ as well as on our respective brands’ websites. (cs) Disclaimer This release and the information contained herein are for information purposes only and do not constitute a prospectus or an offer to sell or a solicitation of an offer to buy any securities in the United States or in any other jurisdiction. This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ significantly from the results that are currently expected due to various risk factors and uncertainties such as changes in economic or industry-specific conditions, changes in the market environment or political situation, changes in domestic or international legislation, interest rate or exchange rate fluctuations, legal disputes and investigations, and the availability of financial resources. We do not assume any responsibility for updating the forward-looking statements in this release.
Further information for media representatives
Further Information for Investors
Website: www.kiongroup.com/media Follow us on: LinkedIn | Instagram | X (Twitter) | Facebook | WeChat | TikTok | YouTube
Additional features: File: 0425_KION GROUP AG Press Release Q1 2024 File: Q1
25.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
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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: | 1888903 |
| End of News | EQS News Service |
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1888903 25.04.2024 CET/CEST
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