EQS-Adhoc: SAF-HOLLAND SE publishes preliminary key financial figures for the third quarter 2023 and again increases the outlook for the 2023 financial year
Publication of Inside information according to Article 17 of Regulation (EU) No. 596/2014 (MAR)
SAF-HOLLAND SE publishes preliminary key financial figures for the third quarter 2023 and again increases the outlook for the 2023 financial year
Bessenbach (Germany), October 18, 2023. +++ SAF-HOLLAND SE ("SAF-HOLLAND"), today publishes preliminary key financial figures for the third quarter 2023 and again increases the outlook for the financial year 2023:
- Q3 2023 Group sales of EUR 552.9 million above market expectation*
- Adjusted EBIT of EUR 58.6 million and adjusted EBIT margin of 10.6% in Q3 2023 based on strong demand for original equipment and solid aftermarket business, significantly above market expectations
- Outlook for the financial year 2023 increased again to Group sales of around EUR 2,100 million with an adjusted EBIT margin of around 9.5%
Q3 2023 Group sales with a growth rate of 37.4% (organic: +13.2%) to EUR 552.9 million is above market expectation (consensus: EUR 538.0 million). A strong increase in aftermarket sales, to a share of approx. 34% of Group sales as of Q3 2023, as well as strong sales growth in the APAC region, could almost compensate for slightly declining sales in the original equipment business in the EMEA region compared to Q2 2023.
Adjusted EBIT of EUR 58.6 million (consensus: EUR 51.9 million) and adjusted EBIT margin of 10.6% (consensus: 9.6%) in the third quarter 2023 are significantly above market expectations.
The reason for the better than expected operating development in the third quarter 2023 is a higher share of sales in the aftermarket business in all regions of the Group. An earlier achievement of synergies from the integration of Haldex also had a positive impact on the operating development.
Based on the strong performance in the financial year to date, continued solid demand for trailer and truck components, especially in the APAC and Americas regions, and a robust order backlog, the Management Board today has decided to adjust the outlook for the financial year 2023:
Group sales are now expected at around EUR 2,100 million (previously: slightly above the EUR 2,000 million mark).
The adjusted EBIT margin for the financial year 2023 is now expected to be around 9.5% (previously: up to 9%).
The increase of the outlook for the adjusted EBIT margin is mainly based on the adjusted EBIT margin in the third quarter of 2023, which is significantly above the company’s own expectations.
SAF-HOLLAND continues to expect a capex ratio of up to 3% of Group sales in the financial year 2023.
SAF-HOLLAND will publish the Q3 2023 quarterly statement on November 09, 2023 and will hold a conference call (in English only) for institutional investors and analysts on that date.
* The market expectations are collected by an external service provider, regularly updated and published on SAF-HOLLAND's Investor Relations website under the menu item "Share" and "Consensus".
Interim Head of Investor Relations, Corporate & ESG Communications
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Senior Manager Investor Relations, Corporate & ESG Communications
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