2024-04-26 02:12:07 ET
Konecranes Plc (KNCRF)
Q1 2024 Earnings Conference Call
April 25, 2024 04:00 A.M. ET
Company Participants
Kiira Froberg - VP of IR
Anders Svensson - President & CEO
Teo Ottola - CFO
Conference Call Participants
Johan Eliason - Kepler Cheuvreux
Panu Laitinmäki - Danske Bank
Mikael Doepel - Nordea Markets
Antti Kansanen - SEB
Tomas Skogman - Carnegie Investment
Presentation
Kiira Froberg
Good morning, everyone and welcome to Konecranes's Q1 Earnings Conference. My name is Kiira Froberg, and I'm the Head of Investor Relations at Konecranes. Here with me today, I have our President and CEO, Anders Svensson, and our CFO, Teo Ottola. Before we start, a kind reminder, this presentation contains forward-looking statements. Next, Anders and Teo will walk you through our Q1 results. Anders will start by discussing our group figures, after which Teo will focus on business segments. The presentation is followed by Q&A, as always. Anders, I think it's now your turn.
Anders Svensson
Thank you very much, Kiira and welcome also from my side to this webcast for the first quarter of 2024. Our demand or we can start with the headline of the quarter actually. It's record high Q1 profitability and our demand environment remained healthy in the first quarter despite being down versus the previous year due to very strong comparables. Our sales was 913 million, and that was up year-on-year with 2.5%, and we posted a record high comparable EBITA margin of 11.1% for the first quarter. I also want to mention an operational highlight here. We are releasing our new crane, the Konecranes’ X Series in March in Logement [ph] this year. And it's a new product that will then replace our CXT model cranes and it comes with a full suite of smart services and is upgradable over the year. And we expect to see good demand of this product across different industries and also in general manufacturing. So, it will be a key product for Konecranes going forward. The product will be released in the EMEA during the autumn and then rolled out in other regions.
So, in summary, we had a very good start to the year, and we believe it sets us up for a good performance for the full year. I will move into the market environment and starting with our Industrial segments. So here, we look at some key macro indicators. It's the manufacturing capacity utilization rate. You can see in EU, it was down year-on-year and also sequentially down. U.S. is more flat year-on-year and also sequentially flat. If we look at the global manufacturing PMI, it was above 50% so that was the strongest reading since June 2022. EVs still in contraction, but U.S. is in expansion just like China, India and Brazil.
If we then move into the macro environment in for our Ports segment, here, we look at the global container throughput index. And as you can see, it's up 9% on a year-on-year comparison. And the positive here was also that we could see that the ports within the European Union is also improving in terms of container throughput, and that's very positive for our business, of course. ...
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Konecranes Plc (KNCRF) Q1 2024 Earnings Call Transcript