SKUFF - AB SKF (publ) (SKFRY) Q4 2023 Earnings Call Transcript
2024-02-02 17:06:08 ET
AB SKF (publ) (SKFRY)
Q4 2023 Earnings Conference Call
January 31, 2024 02:00 AM ET
Company Participants
Patrik Stenberg - Director, SKF Group IR & Mergers, Acquisitions
Rickard Gustafson - CEO
Niclas Rosenlew - CFO
Conference Call Participants
Daniela Costa - Goldman Sachs
Klas Bergelind - Citi
Sebastian Kuenne - Royal Bank of Canada
Max Yates - Morgan Stanley
Erik Golrang - SEB
Ben Heelan - Bank of America
Andrew Wilson - JPMorgan
James Moore - Redburn Atlantic
Magnus Kruber - Nordea
Presentation
Operator
Hello, everyone, and welcome to the SKF Year-End Report for 2023. My name is Seb, and I will be the operator for your call today. [Operator Instructions]
I will now hand the floor to Patrik Stenberg to begin the call. Please go ahead when you're ready.
Patrik Stenberg
Thank you. Good morning to you all, and welcome to this SKF event. Today, we will focus on the Q4 results. We will start with presentations from our CEO, Rickard Gustafson, followed by presentation from our CFO, Niclas Rosenlew. These presentations will take some 25 minutes, and after that, we are ready to take on all your questions. And as usual, you can either post your questions live on this call or you can use the chat function, as you prefer.
With that brief intro, I will leave the word to Rickard. Please go ahead.
Rickard Gustafson
Thank you, Patrik. And a warm welcome to all of you, and thank you for joining us for this webcast. It is no coincidence that I've chosen a train as the background image on this first slide. On the contrary, railway is a global, high-performing industry, where we play an important role for our customers. I will come back to this later in this presentation. But first, let me start by looking back at the full year 2023.
This was a year where we diligently executed in our strategy to further strengthen us as a company. The ongoing transformation has made us more resilient and competitive, both in the first half of the year with strong demand, as well as in the weaker demand environment that we faced in the second half of the year. I am very happy to conclude that this is also reflected in our 2023 full year results.
Last year, for the first time ever, we delivered net sales north of SEK100 billion, bringing our organic growth to around 4%. It is also very satisfying that the adjusted operating profit came in at a record high SEK13 billion. The adjusted operating margin was 12.5%, which is a significant improvement compared to 2022; and cash flow from operations were just shy of SEK14 billion, being one of our strongest performances ever. So, all in all, it was a very strong performance last year in a turbulent macro environment....
AB SKF (publ) (SKFRY) Q4 2023 Earnings Call Transcript