Cirrus Aircraft (2507) H2 2024 earnings summary

Executive summary

• Achieved record revenue of US$1.20 billion for FY2024, up 12.1% year-over-year, driven by strong demand and increased aircraft deliveries, especially following the G7 launch.

• Net profit rose 32.5% to US$120.7 million, with gross profit up 13.4% and gross margin expanding to 34.5%.

• Backlog reached 1,135 aircraft, with orders increasing by 114 units year-over-year to 633, reflecting robust market demand.

• Adjusted EBITDA grew 15% to US$187 million, and cash flow after investments was US$70.2 million.

• Nearly half a billion dollars in cash and cash equivalents, with minimal debt, positions the group for future growth.

Financial highlights

• Revenue: US$1,197.1 million (up 12.1% year-over-year).

• Gross profit: US$413.6 million (up 13.4% year-over-year); gross margin: 34.5%.

• Operating profit margin: 12.8% (up 1.1 percentage points year-over-year).

• Net profit: US$120.7 million (up 32.5% year-over-year); net margin: 10.1%.

• Adjusted EBITDA: US$187.1 million (up 15% year-over-year); adjusted EBITDA margin: 15.6%.

• Total assets: US$1,363.2 million (up 35.2% year-over-year); total liabilities: US$581.3 million (up 8.7%).

• Cash and bank balances: US$391.8 million (up from US$246.9 million in 2023).

Outlook and guidance

• Focus on product improvement, model upgrades, and generational changes to maintain industry leadership.

• Strategic priorities include expanding the ecosystem, enhancing flight training, advancing the product and services portfolio, supply chain excellence, global market expansion, and developing services for non-pilots.

• Long-term targets include reducing GHG emissions and energy consumption intensity by 10% by 2030 (from 2022 baseline).