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Company research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Concentric
Concentric (COIC) investor relations material
Concentric has been acquired by A.P. Møller - Mærsk A/S
Concentric Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary31 Jul, 2024
Executive summary
Net sales for Q2 2024 declined by 13% year-over-year to MSEK 955, with minimal FX impact and reduced customer demand, especially for hydraulic products.
Electric product sales grew 12.7% year-over-year, now representing 23% of total/group sales, up from 18% in Q2 2023.
A warranty provision of MSEK 100 for a manufacturing defect significantly impacted reported operating income, reducing it to MSEK 24 and margin to 2.5%.
Alfdex secured major agreements worth MSEK 1,300 in electric separator products for global truck and off-road markets.
Net income for Q2 was MSEK 9, with basic EPS of SEK 0.25; adjusted EPS before items affecting comparability was SEK 2.47.
Financial highlights
Operating income before items affecting comparability was MSEK 124, with a margin of 13.0% (down from 16.0%).
Cash flow from operations reached MSEK 103, with a profit to cash conversion ratio of 137%.
Net debt at quarter-end was MSEK 777, down from MSEK 950 a year ago; gearing ratio improved to 35%.
Net debt to EBITDA ratio stands at 1.33; cash and equivalents at MSEK 374 after a MSEK 158 dividend payment.
Book-to-bill ratio at quarter-end was 89% (down from 99%).
Outlook and guidance
Q3 net sales are expected to be slightly weaker than Q2, with continued weak end-market demand and challenging conditions across all regions.
Additional cost-saving measures are being implemented to maintain margins.
Strategic focus remains on accelerating electrification and securing new business opportunities.
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Frequently asked questions
Concentric AB designs, develops, manufactures and distributes solutions for engine and hydraulic applications. The company offers hydraulic pumps, motors, power systems and speed controls for mobile equipment in the construction, mining, agricultural and industrial sectors; gear systems for commercial vehicle markets worldwide; and turbochargers for heavy-duty vehicles powered by diesel engines. The company also provides solutions to original equipment manufacturers in various industries, such as pumps and motors for aircraft ground support equipment, fire-fighting vehicles, recreational/sports cars and power-trains as well as turbo technologies within aerospace markets.