OUKPY - Metso Oyj (OUKPF) Q1 2024 Earnings Call Transcript
2024-04-27 05:18:01 ET
Metso Oyj (OUKPF)
Q1 2024 Earnings Conference Call
April 25, 2024 05:00 a.m. ET
Company Participants
Eeva Sipilä - Chief Financial Officer
Juha Rouhiainen - Investor Relations
Conference Call Participants
Elliott Robinson - Bank of America Securities
Chitrita Sinha - JP Morgan Securities
Klas Bergelind - Citigroup Global Markets
Max Yates - Morgan Stanley
Anders Idborg - ABG Sundal Collier
Christian Hinderaker - Goldman Sachs
Nick Housden - RBC Capital Markets
Vlad Sergievskii - Barclays
Mikael Doepel - Nordea
Erkki Vesola - Inderes
Presentation
Juha Rouhiainen
All right. Good morning everyone. This is Juha from Metso's Investor Relations. I want to welcome you all to this conference call where we discuss our first quarter 2024 results that were announced earlier this morning. As earlier announced this presentation will be held by our CFO, Eeva Sipilä, and this is due to some scheduling conflicts, nothing more dramatic than that.
Before we start the presentation, we have forward-looking statements that is good to remember. Also a reminder that we will have our Annual General Meeting of Shareholders after this call, so that's why we try and limit the length of the call to 60 minutes. So, please ask questions, one or let's say max two at a time so we can accommodate all the questions during the duration of the call.
Without further ado, I'll hand it over to you Eeva.
Eeva Sipilä
Thank you, Juha. And good morning, good afternoon to all of you on my behalf. I'll start with the highlights of the first quarter. Market activity was in line with our expectations and with what we guided in our market outlook in February. We saw the pickup in Aggregate activities. In Minerals, the activity levels were unchanged with equipment being somewhat muted, whereas aftermarket activity was healthy.
Operationally, it was a solid quarter in the sense that we were able to grow aftermarket sales on the back of the healthy backlog. Our adjusted EBITDA margin shows resilience despite sales being lower year-over-year and also cash flow, the development showed progress.
Moving to the first quarter key figures. In orders, we had a tough comparison and ended 8% down year-on-year, although sequentially growing over 10%. In constant currencies, orders were down 5% year-over-year.
Sales at EUR 1.2 billion were down roughly EUR 100 million or 9%, in constant currencies, 7%. Adjusted EBITDA in Euros was down only 5%, which meant that we delivered a 16.5% margin on our sales. This resilience is obviously something we have worked hard on, working with various structural business improvement topics over the past, but also supported by tight cost management in the past months. I will revert to the other key figures a bit later in the presentation. ...
Metso Oyj (OUKPF) Q1 2024 Earnings Call Transcript