Marel Q1 2012 results – strong revenue growth and good profitability
All amounts in EUR:
- Revenues for Q1 2012 totalled 184.9 million, an increase of 20.4% compared to the first quarter of 2011 [153.5 million].
- EBITDA was 27.4 million or 14.8% of revenues [Q1 2011: 23.3 million].
- Operating profit (EBIT) was 21.1 million or 11.4% of revenues [Q1 2011: 17.1 million].
- Net result for Q1 2012 was 13.1 million [Q1 2011: 8.8 million]. Earnings per share were 1.80 euro cents [Q1 2011: 1.20] which represents an increase of 50% from the previous year.
- Cash flow remains healthy and net interest bearing debt is 254.2 million at the end of the quarter compared to 250.5 million at year-end 2011.
- The order book is at a solid level of 201 million at the end of the quarter, significantly higher than in Q1 2011 [169 million].
Marel starts the year off strong in Q1 and in line with the Company’s growth strategy. Revenues amounted to 184.9 million, which represents an increase of 20.4% compared to Q1 2011, similar to the record fourth quarter of 2011 [183.9 million]. The EBIT margin of 11.4% is in line with the Company’s target of 10-12% return on sales.
Marel has good geographical revenue split. This quarter, solid growth in areas such as Asia and South America fully offsets a slower US market. The outlook for 2012 remains positive based on the level of the order book and market trends as perceived by Marel.
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.