Nurminen Logistics (NLG1V) Q3 2024 earnings summary

Executive summary

• Q3 2024 net sales decreased 34% year-over-year to €24.2M but rose sequentially from Q2 2024.

• Comparable operating profit margin reached 23.3%, among the best in the sector.

• Strong balance sheet and operating cash flow support international rail business growth.

• Baltic volumes declined due to the Red Sea crisis, impacting overall sales.

Financial highlights

• Q3 2024 EBITDA was €8.6M (35.4% margin), operating profit €7.6M (31.3% margin), and net result €6.7M.

• Earnings per share for Q3 were €0.08, down from €0.09 year-over-year.

• Investments in Q3 totaled €1.4M, up from €0.9M last year.

• For 1-9/2024, net sales were €81.9M (down 12%), operating profit €16.8M, and net result €11.3M.

• Capital gain of €1.9M from the sale of Vuosaari property boosted reported Q3 operating profit.

Outlook and guidance

• 2024 net sales expected to be below 2023, with comparable operating profit slightly lower.

• Baltic volumes forecasted to remain low due to the ongoing Red Sea crisis, negatively affecting full-year results.

• Strong order book for Swedish rail connections and growth expected in energy raw material transport.