Ernst Russ (ERAG) Q3 2024 earnings summary

Executive summary

• Nine-month revenue fell 14% YoY to €129.1m; operating earnings were €51.3m and net income after non-controlling interests was €33.9m.

• Fleet employment remained strong, with technical availability of 96.6% and utilization of 96.4%; FY 2024 revenue and operating earnings guidance was maintained.

Financial highlights

• Revenue declined €20.2m YoY to €129.1m; EBITDA was €70.3m versus €78.1m, and EBIT was €51.3m versus €56.5m.

• EBT was €51.8m versus €57.8m; consolidated net income after non-controlling interests was €33.9m versus €36.3m.

• EPS was €1.01 versus €1.10; operating earnings included vessel-sale proceeds of €1.9m versus €7.5m in the prior-year period.

• Cash and bank balances were €92.4m at 30 September 2024, up from €67.3m at 31 December 2023.

Outlook and guidance

• FY 2024 revenue guidance remained €155m–€175m, with operating earnings of €47m–€67m.

• Red Sea diversions were expected to continue in Q4 2024; Clarksons forecast 5.2% container trade growth and 17% TEU-mile growth for 2024.