TMRAY - Tomra Systems ASA (TMRAY) Q1 2024 Earnings Call Transcript
2024-04-26 18:15:25 ET
Tomra Systems ASA (TMRAY)
Q1 2024 Earnings Conference Call
April 26, 2024 02:00 ET
Company Participants
Daniel Sundahl - Head of Investor Relations
Tove Andersen - Chief Executive Officer
Eva Sagemo - Chief Financial Officer
Conference Call Participants
Fabian Jorgensen - Carnegie
Elliott Jones - Danske
Adela Dashian - Jefferies
Gaurav Jain - Barclays
Presentation
Daniel Sundahl
Good morning from Asker [ph], ladies and gentlemen and welcome to TOMRA's First Quarter Results Presentation for 2024. My name is Daniel Sundahl and I'm Head of Investor Relations. Today, our CEO, Tove Andersen, will give you the highlights of the quarter and also dive a little bit deeper into our feedstock initiative. And afterwards, CFO, Eva Sagemo will dive deeper into the numbers.
At the end of the presentation, we will open up for Q&A for participants in the Teams webinar. A link to the Teams webinar can be found in this morning's stock exchange release as well as last week's invitation.
With that said, I give the word to CEO, Tove Andersen.
Tove Andersen
Thank you, Daniel and welcome from me as well to the Q1 results presentation. The quarter landed as expected. The Collection business continued a strong momentum from Q4 and delivered good growth and good profitability. Recycling and Food delivered revenue in line with the backlog conversion ratio communicated at Q4 but with lower revenues, the profitability in the quarter is impacted. However, I'm very pleased to see that we have a solid order intake in the quarter and we end the quarter with a record high combined order backlog for Recycling and Food. This gives us a solid foundation for coming quarters to lift both revenue and profitability. In addition, there has been some exciting developments in the external environment the last days which I also will come back to in my presentation.
But before diving into the business update, let me run through the highlights for the quarter. The total revenue ended at NOK3.3 billion, that is then flat versus the same quarter last year. We were up 15% in Collection and down 16% in Recycling but that is compared to a very strong Q1 in 2023. So this is actually the second highest Q1 we have in Recycling. And we are down 15% in Food. The market sentiment there is more or less the same as we have seen in the last 2 quarters....
Tomra Systems ASA (TMRAY) Q1 2024 Earnings Call Transcript