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Sales rose 32.1 percent to $970.5 million, the Zug-based electricity meter manufacturer announced on Wednesday. Order intake also remained strong, increasing by 22.5 percent to 958.1 million. The order backlog reached $3.73 billion, increasing by 7.2% compared to the previous year.
Landis+Gyr also increased its profitability. Adjusted operating profit EBITDA more than doubled to $108.1 million, with the corresponding margin increasing from 6.7 percent to 11.1 percent in the previous year.
Ultimately, the company made a net profit of $41.2 million, up from $186.5 million last year. However, the sale of shares in the Intellihub joint venture at that time brought $161 million to the coffers after direct and deferred taxes. Adjusting for this special effect, earnings per share rose almost 42 percent from the previous year.
With the numbers presented, Landis+Gyr clearly exceeded analysts’ estimates overall.
As for the 2023/24 outlook, the company is basically sticking to the forecast it made from the beginning of May. Accordingly, Landis+Gyr expects strong sales development to continue, resulting in growth in the low double-digit percentage range
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
