2024-07-26 17:23:09 ET
Traton SE (TRATF)
Q2 2024 Earnings Call
July 26, 2024 04:00 ET
Company Participants
Ursula Querette - Investor Relations
Christian Levin - Chief Executive Officer
Michael Jackstein - Chief Financial Officer
Conference Call Participants
Klas Bergelind - Citi
Daniela Costa - Goldman Sachs
Hemal Bhundia - UBS
Nicolai Kempf - Deutsche Bank
Virginia Montorsi - Bank of America
Forbes Goldman - Pareto
Michael Aspinall - Jefferies
Jose Asumendi - JPMorgan
Hampus Engellau - Handelsbanken
Shaqeal Kirunda - Morgan Stanley
Presentation
Operator
Ladies and gentlemen, welcome to the Traton Q2 First Half 2024 Results Conference Call. I am George, the Chorus Call operator. [Operator Instructions] The conference must not be recorded for publication or broadcast. At this time, it’s my pleasure to hand over to Ursula Querette. Please go ahead.
Ursula Querette
Thank you, operator. Good morning, everyone and welcome to Traton’s second quarter 2024 earnings call. My name is Ursula Querette and I’m Head of Investor Relations at Traton SE. With me on the call today are Christian Levin, our CEO; and Dr. Michael Jackstein, our CFO and CHRO. Christian will kick off the presentation with the key results and highlights of the second quarter and Michael will guide you through the financial performance and outlook in more detail. As always, we will conclude the call with a Q&A session, where we welcome questions from financial analysts, investors and media representatives. To handle potential media inquiries during the Q&A session, Camilla Dewoon, our Head of Corporate Relations, is also present.
This session will be recorded and a replay will be made available on our Investor Relations website as soon as possible after the call. You can also find our half year financial report, which we published this morning and the slides to this call on our IR website. Before we start, let me remind you of the disclaimer with respect to forward-looking statements on Page 3 of our presentation. With that, I hand it over to Christian.
Christian Levin
Thank you very much, Ursula and welcome, everyone, also from my side. Thanks for joining. So you can see the overall picture on this slide and we follow up the second quarter with a really good result, just like in the first quarter, concluding a strong first half of the year. And from the left, we start with the order intake situation and you can see that we further managed to grow our orders to almost 59,000 vehicles. Said that, the overall picture is that customers are becoming more cautious, especially in Europe and North America and we see markets are normalizing from the past 2 very strong years. Brazil and Latin America, however, are moving in the other direction and we see a really positive market development there with good order intake as a consequence.
If we look to our sales in Q2, we are down 5% compared to last year to 79,000 vehicles, still a solid level, especially taking into account that we’ve had a really tough temporary supplier issue happening at our international brand, Navistar in the U.S., where fire hits our supplier of rearview mirrors, which unfortunately is a single source. So in Escobedo just neighboring our own plant, there was a total loss. Now this, of course, heavily influenced negatively our delivery figures for North America, whereas actually impacting all our key figures in Q2. We, however, expect to be able to complete the trucks, they are built and we have an additional line and an additional shift up to complete with mirrors and deliver them and the vast majority we expect to deliver throughout the second half of this year....
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Traton SE (TRATF) Q2 2024 Earnings Call Transcript