Utenos Trikotazas (UTR1L) Q3 2024 earnings summary

Executive summary

• Revenue for the group fell 29.1% year-over-year to €12.2 million for the 9 months ended 30 September 2024, with export sales comprising 80.8% of total sales.

• The group reported a net loss of €3.2 million, a 142% increase in losses compared to the same period last year.

• An extraordinary shareholders meeting in July 2024 led to a decision to apply for court restructuring, with a 4-year restructuring plan approved in October 2024.

Financial highlights

• Group EBITDA was negative €1.98 million, down €1.45 million year-over-year; company EBITDA was negative €1.59 million.

• Operating loss widened to €2.48 million from €1.02 million year-over-year; operating margin dropped to -20.4%.

• Net loss margin deteriorated to -26.3% from -7.7% year-over-year.

• Cash and cash equivalents decreased to €221 thousand from €1.1 million at year-end 2023.

Outlook and guidance

• The company is undergoing a court-approved restructuring process as of October 2024, with a 4-year plan in place.