Marel Q3 2014 results
22 Oct 2014
All amounts in EUR
Record order intake and revenue with improved results
- Revenue for Q3 2014 was 187.9m [Q3 2013: 156.9m].
- Adjusted EBITDA* for Q3 2014 was 25.9m or 13.8% of revenue. EBITDA was 24.6m or 13.1% of revenue [Q3 2013: 19.5m].
- Adjusted operating profit* (adj. EBIT) for Q3 2014 was 17.4m or 9.3% of revenue. EBIT was 16.1m or 8.6% of revenue [Q3 2013: 12.9m].
- Net result for Q3 2014 was 9.8m [Q3 2013: 6.0m]. Earnings per share were 1.34 euro cents [Q3 2013: 0.81 euro cents].
- Cash flow from operating activities before interest and tax was 29.7m [Q3 2013: 3.0m]. Net interest bearing debt was 191.3m at the end of Q3 2014 [Q3 2013: 239.0m].
- The order book was at 169.2m at the end of Q3 2014 compared with 156.4m at the end of Q2 2014 [Q3 2013: 138.3m]
Marel achieved order intake of 201 million during the third quarter. Modernization projects and standard equipment sales were at a high level in the U.S. and Europe. Several small and medium sized Greenfields were secured in growing emerging markets such as Africa, Asia and South America.
In the first nine months of the year, revenue increased by 4% compared to the previous year with operational profit increasing over the course of the year. Adjusted EBIT was 32.7 million year to date. Marel reaffirms management guidance to reach organic revenue growth with an adjusted EBIT in the range of 40 - 50 million in 2014. There is full focus on strengthening the market approach and operational improvement with the aim to reach an EBIT of over 100 million in 2017.
Arni Oddur Thordarson, CEO:
“Third quarter was a good quarter for Marel. We have managed to be at the customer, for the customer while refocusing our business. Order intake and revenue increased by 20% compared with the previous year with good improvement in operational results.
We worked on modernization and expansion projects with long time partners in the U.S. and Europe during the quarter. The customer base expanded in growing markets as we secured several small and medium sized Greenfields in Africa, Asia and South America.
There is a clear tailwind in our markets. With a focused market approach and decisive steps towards lowering the cost base we are in the position to create good value going forward.”
* Before refocusing cost
Statements in this press release that are not based on historical facts are forward-looking statements. Although such statements are based on management’s current estimates and expectations, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.