Hiab (HIAB) Q3 2024 earnings summary

Executive summary

• Achieved seventh consecutive quarter of strong results, with robust operative performance, increased orders, and strong cash flow in both Hiab and MacGregor.

• Orders received increased 14% year-over-year in Q3 2024, driven by both Hiab and MacGregor.

• MacGregor's order book exceeded EUR 1 billion, providing visibility into 2025 and beyond; Hiab's order book normalized to pre-COVID levels.

• Transition activities, including the completed Kalmar separation and ongoing MacGregor carve-out and Hiab standalone preparations, are progressing as planned.

Financial highlights

• Q3 2024 orders received: EUR 597m (+14% YoY); sales: EUR 590m (-1% YoY); comparable operating profit: EUR 70m (+14% YoY, 11.8% margin).

• Hiab's Q3 revenues were EUR 388m, down 8% YoY; operating profit EUR 59m (15.3% margin); service sales stable.

• MacGregor's Q3 sales grew 13% to EUR 203m; operating profit EUR 20m (9.6% margin); order book over EUR 1 billion.

• Cash flow from operations reached EUR 148m in Q3 and EUR 411m for the first nine months.

• Profit for the period was EUR 51m in Q3 (-18% YoY); EPS at EUR 0.79.

Outlook and guidance

• Hiab's comparable operating profit margin expected to be above 14% for 2024.

• MacGregor's comparable operating profit expected to exceed EUR 65 million in 2024.

• MacGregor's top-line growth for 2025 limited by shipyard capacity, with 40% of order backlog scheduled for 2026 and beyond.