ROCKWOOL upgrades expected sales growth and earnings margin for full-year 2024
03 Mayo 2024 - 6:31AM
ROCKWOOL upgrades expected sales growth and earnings margin for
full-year 2024
Company announcementfor ROCKWOOL A/S Release no. 21
– 2024to Nasdaq Copenhagen
3 May 2024
ROCKWOOL upgrades expected sales growth and earnings
margin for full-year 2024
Based on preliminary reporting, ROCKWOOL increases the expected
growth in sales and EBIT margin for 2024 as follows:
- Net sales is increased to a growth of
around mid-single-digit percent in local currencies from our
previous guidance of sales at roughly the same level as in
2023.
- EBIT margin is increased to around 15
percent from the previously forecasted outlook of around 13
percent.
Main preliminary highlights for Q1 2024:
- Net sales for Q1 2024 reached 918 MEUR, an increase of six
percent in local currencies driven by higher than expected sales in
the non-residential segment.
- EBIT in Q1 2024 increased 46 percent to 152 MEUR, with a 16.5
percent EBIT margin, up 4.5 percentage points from Q1 2023.
Outlook 2024:
ROCKWOOL Group had a good Q1 2024 with solid growth and good
earnings. The positive development was driven by improved volumes,
stable sales prices combined with productivity gains and cost
savings.
The North American market is growing well, and our factories
there are now running at high capacity, reflecting the strong
demand and our efforts to reduce lead times. Many European markets
remained at a low activity level due to a subdued residential
construction industry and high building costs driven by high
interest rates and inflation. During the quarter, we saw a notable
uptake in sales within the industrial segment in Central and
Eastern Europe. Volume increased solidly in South Asia, driven by
strong demand.
Despite good earnings in Q1 2024, we see inflation remaining
persistent. Some input costs have started to rise, which is
expected to increase our production costs in the coming quarters.
Therefore, profitability is more challenged in the remainder of
2024. To account for this, market specific price actions will be
taken to match the expected inflation.
Based on these factors, we upgrade our full-year 2024 outlook
for net sales to a growth of around mid-single-digit percent in
local currencies from our previous guidance of sales at roughly at
the same level as in 2023. And we expect the EBIT margin to improve
to around 15 percent from the previously forecasted outlook of
around 13 percent. The expected investment level excluding
acquisitions is maintained at around 375 MEUR.
ROCKWOOL Group will publish its full Q1 2024 results on 15 May
2024.
Further
information:
Kim Junge AndersenChief Financial OfficerROCKWOOL A/S+45 46 56
03 00
Rockwool AS (TG:R90)
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