Atria (ATRAV) Q2 2024 earnings summary

Executive summary

• All business areas delivered improved results in H1 2024, with positive EBIT development across the group and successful commissioning of the new poultry plant in Finland.

• Efficiency measures, successful investments, and a favorable sales structure contributed to profitability.

• Major investments included the new Nurmo poultry plant and the acquisition of Gooh! in Sweden.

• Sustainability initiatives advanced, with SBTi-approved emissions targets and progress in safety.

Financial highlights

• H1 2024 net sales were €871.2 million, down 1.6% year-over-year; Q2 net sales were €454.3 million, down 0.6%.

• H1 EBIT rose to €26.4 million (3.0% margin) from €20.9 million (2.4%) year-over-year; Q2 EBIT was €18.4 million (4.0% margin), up from €10.0 million (2.2%).

• H1 earnings per share increased to €0.49 from €0.36; Q2 EPS was €0.39, up from €0.13.

• Free cash flow for H1 was €1.9 million, a significant improvement from -€22.4 million a year ago.

Outlook and guidance

• Adjusted EBIT guidance for 2024 was raised, now expected to exceed the previous year’s €49.6 million, driven by strong EBIT development and operational efficiency.

• Uncertainty remains regarding consumer purchasing power and potential Chinese tariffs on European food imports.

• The new poultry plant is fully operational and expected to enable future business expansion and cost-effective production.