Bekaert: Trading update for the three months to March 2024
08 Mayo 2024 - 12:00AM
Bekaert: Trading update for the three months to March 2024
Trading update for the three months to March
2024
Solid start to the year, with trading in line with
expectations for the full year 2024
Bekaert has started the year well and in line with expectations.
Whilst Q1 2023 provides a tough comparison benefiting from customer
restocking in China, foreign exchange tailwinds and the priced-in
higher raw material and energy costs, Bekaert has delivered in the
first three months of 2024 consolidated sales
of € 1 025 million (-14% against the same
period in 2023) and combined sales of
€ 1 245 million (-15%).
Strategically, Bekaert continues to develop its growth
platforms, capitalize on an improving mix of higher-margin products
and drive structural cost efficiencies from its operational
footprint. Therefore, management remains confident in the financial
expectations for FY 2024 and its mid-term targets on sales growth,
margin progression and ROCE delivery.
Highlights
- Q1 2024 consolidated sales of € 1 025 million (-14% vs Q1 2023)
and combined sales of € 1 245 million (-15%) driven by the
reversal of raw material costs, lower volumes (which reduced by
-5%) and an unfavorable impact from exchange rates
- Q1 2024 consolidated sales increased 5.3% vs Q4 2023 driven
primarily by higher volumes
- Strong focus on cost efficiencies and effective working capital
management continues
- Rubber Reinforcement - continue to drive margins through both
higher performance tire cords and further production cost
optimization; increasing customer interest for recycled steel
applications
- Steel Wire Solutions - continued strong demand in energy and
utility markets, with lower demand in most other end markets;
benefitting from mix improvements and ongoing operational footprint
optimization
- Specialty Businesses - strong volumes in Construction
Decarbonization and Hydrogen businesses offset by weak demand in
the Combustion Technologies and Hose and Conveyor Belt
sub-segments
- BBRG - lower volumes from project re-phasing and some
manufacturing issues
OutlookThe performance delivered to date in
2024 and the company’s robust financial position give us confidence
in our ability to further deliver on our strategic priorities.
Whilst economic uncertainties continue and a number of end markets
remain challenging, our trading in 2024 has started in line with
expectations and management continues to anticipate modest sales
growth and at least stable margins in 2024.
Looking beyond 2024, we also remain confident in our targets of
a sales growth rate of more than 5% per year in the mid-term and
from 2026 an EBITu margin of more than 10%, ROCEu of more than 20%
and over 50% of sales generated from sustainable solutions.
- p240508E - Trading update Q1 2024
NV Bekaert (EU:BEKB)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
NV Bekaert (EU:BEKB)
Gráfica de Acción Histórica
De May 2023 a May 2024
