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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 declined 13% year-over-year to SEK 955 million, with minimal FX impact, as customer demand, especially for hydraulic products, weakened further during the quarter.
Electric product sales grew 12.7% year-over-year to SEK 224 million, now representing 23% of group sales, up from 18% last year.
A SEK 100 million warranty provision for a manufacturing defect significantly impacted reported operating income, reducing it to SEK 24 million and margin to 2.5%.
Alfdex joint venture secured two major contracts totaling SEK 1.3 billion, including a five-year SEK 300 million off-road agreement and an eight-year SEK 1 billion truck agreement.
Strong prototype shipments for electric products, up 114% year-over-year, and major investments in electrification capabilities in India and the U.S.
Financial highlights
Operating income before items affecting comparability was SEK 124 million, with a margin of 13%, down from 16% last year.
Cash flow from operations reached SEK 103 million, with a cash conversion of 137%.
Book-to-bill ratio stood at 89%, indicating further demand weakness.
Net debt decreased to SEK 777 million from SEK 950 million last year; gearing ratio dropped to 35%.
Dividend of SEK 158 million paid during the quarter; net investments in PPE for Q2 were SEK 25 million.
Outlook and guidance
Net sales in Q3 2024 expected to be slightly weaker than Q2, with continued weak end-market demand and additional cost-saving measures being implemented.
Strategic focus remains on electrification and new market opportunities, with ongoing investments in plant enhancements.
Market conditions remain challenging across all regions and end-markets, with ongoing weakness expected through 2024.
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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.
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