** Orders received increased 5% to MSEK 14 388 (13 705). The organic increase was 7%.
** Revenues increased 12% to MSEK 15 568 (13 936), organic increase of 8%.
** Operating profit increased 4% to MSEK 3 349 (3 235). Items affecting comparability amounted to MSEK 120 (-67), including a capital gain, restructuring costs and acquisition earn-outs.*
** Operating margin was 21.5% (23.2), and the adjusted operating margin was 20.7% (23.7).
** Basic earnings per share were
** Operating cash flow was MSEK 2 435 (1 519).
** Two acquisitions were announced in the quarter, including the acquisition of STANLEY Infrastructure with annual revenues of approximately
** The Board proposes a dividend of
CEO comments
Mixed demand in the fourth quarter
In the fourth quarter, the order intake increased to MSEK 14 388 (13 705), corresponding to an organic growth of 7%. Within mining, the activity levels were high, and we won several large orders. One of them is a multi-year order for digital solutions, which will strengthen safety and productivity at Codelco's
The demand from construction customers, on the other hand, was weak, impacting mainly the hydraulic attachments business negatively.
In the near term, we expect that the underlying mining demand, both for equipment and aftermarket, will remain at a high level. Demand from construction customers is expected to remain soft.
Strong revenues
We ended the year with strong invoicing and our revenues increased to MSEK 15 568 (13 936), corresponding to an organic growth of 8%.
The operating profit increased 4% to MSEK 3 349 (3 235), including items affecting comparability of MSEK 120 (-67).
The adjusted operating margin was 20.7% (23.7). The margin was positively impacted by currency, while we had a negative organic contribution. This is mainly explained by weaker development within Tools & Attachments and dilution from acquisitions. The strong growth of acquired companies impacted the margin negatively. In structure, the dilution from acquisitions was -0.7 percentage points.
Improved cash flow
The net working capital remained at a high level, but decreased sequentially, thanks to strong equipment invoicing. This in turn led to a strong cash flow, which increased by 60% to MSEK 2 435 (1 519).
Investing for long-term growth
We have a solid cash generating business, which enables us to seize opportunities and invest for profitable growth in the long term. We invest both in organic and inorganic growth.
Our announced acquisition of STANLEY Infrastructure - with annual revenues of around
Major achievements in 2023
2023 was a year defined by major achievements .Overall, the order intake increased 11% to MSEK 59 332 (53 222), supported by a strong mining business, while demand from construction customers was weak.
We achieved record-high revenues at MSEK 60 343 (49 694), corresponding to a growth rate of 21%
and a record-high operating profit at MSEK 13 183 (11 147).
Looking ahead
To conclude 2023, I would like to express my gratitude to everyone at
President and CEO
Please find the full report in the attached pdf. Additional financial documents are found on
Epiroc Minetruck MT54 S
For more information please contact:
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ir@epiroc.com
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ir@epiroc.com
+46 70 347 2455
media@epiroc.com
This information is information that
https://news.cision.com/epiroc/r/epiroc-interim-report-q4-2023,c3914619
https://mb.cision.com/Main/16899/3914619/2560059.pdf
https://news.cision.com/epiroc/i/epiroc-minetruck-mt54-s,c3260362
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