Konecranes (KCR) Q4 2023 earnings summary

Executive summary

• FY2023 sales reached a record €3,966.3m, up 17.9%, while comparable EBITA margin rose to 11.4% from 9.5%.

• Q4 sales grew 12.5% to €1,148.9m and comparable EBITA margin was 11.7%; FY free cash flow reached €511.4m.

Financial highlights

• Q4 net sales rose 12.5% reported and 15.8% at comparable FX; orders received were €926.0m, down 3.6% reported and 1.7% at comparable FX.

• FY orders received declined 1.6% reported but rose 0.3% at comparable currency to €4,161.4m; year-end order book increased 4.8% to €3,040.8m.

• FY comparable EBITDA was €535.0m, or 13.5% of sales; comparable EBITA was €450.7m, or 11.4% of sales.

• FY EBIT was €402.5m vs. €223.2m; net profit was €275.6m vs. €138.5m. Basic EPS was €3.48 vs. €1.77; diluted EPS was €3.46 vs. €1.77.

• Q4 comparable EBITA was €133.8m vs. €118.2m; EBIT was €121.6m vs. €103.0m, net profit €96.4m vs. €72.5m, and diluted EPS €1.21 vs. €0.91.

Outlook and guidance

• FY2024 net sales expected to remain at the same level or increase vs. 2023; comparable EBITA margin expected to remain at the same level or improve.

• Industrial customer demand expected to remain healthy; global container throughput was high, with good long-term container-handling prospects.

• Market uncertainty remains, and supply chains are fragile despite improved delivery times vs. 2022.