Aug 15, 2024 / 08:00AM GMT
Lars Corneliusson - Ferronordic AB - President, Chief Executive Officer, Director
Thank you. Hello, everybody. This is Lars Corneliusson here and welcome to this presentation of the second quarter results for Ferronordic of 2024. So we see continued strength in the US in the quarter. Overall, we had 62% revenue growth and that is driven by the addition of the US operations, operating results minus SEK4 million.
Net profit decreased to minus SEK81 million and that was mainly as a result of exchange rate losses. Net debt increased slightly to SEK1,671 million after obviously the acquisition and consolidation of balance sheets in the US operations and total equity then decreased to SEK1,627 million. If we talk about the US, it's continuing to perform well.
We had a revenue of slightly above SEK700 million in Q2 with an operating margin of 7.3%, SEK51 million. We saw the market in the US the first five months was going down slightly from a very high base in '23, 6% lower. We, however, delivered more machines to customers and obviously then we gained quite some market shares, actually.
Q2 2024 Ferronordic AB Earnings Call Transcript
Aug 15, 2024
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