Q3 2024 ElringKlinger AG Earnings Call Transcript
Key Points
- ElringKlinger AG (ELLRY) has made significant progress in its transformation strategy, SHAPE30, including the divestment of two group companies to focus its product portfolio.
- The company's joint venture, EKPO, unveiled the NM20 stack module, its most powerful fuel cell module yet, supported by government programs.
- E-mobility business unit revenue more than doubled in the first nine months of 2024 compared to the same period in 2023, driven by series production of cell contacting systems.
- ElringKlinger AG (ELLRY) reported a strong order intake in Q3 2024, amounting to EUR481 million, a 28% increase compared to the prior-year quarter.
- The aftermarket segment performed strongly, increasing sales by around 14% to EUR84.9 million between July and September 2024.
- ElringKlinger AG (ELLRY) booked impairments of EUR58.1 million in Q3 2024 due to the divestment of two subsidiaries, impacting earnings.
- The company's sales revenues in Q3 2024 grew only marginally by 0.1% organically, reflecting challenging market conditions.
- Earnings attributable to ElringKlinger shareholders were significantly below the prior-year figure, resulting in negative earnings per share in Q3 2024.
- Operating free cash flow in Q3 2024 fell short of the prior year figure due to higher funding requirements for net working capital.
- The global light vehicle production contracted by 4.6% in Q3 2024, impacting ElringKlinger AG (ELLRY)'s original equipment segment revenues.
Ladies and gentlemen, welcome to the ElringKlinger Q3 2024 Earnings Call. I am Josef, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. (Operator Instructions)
At this time, it's my pleasure to hand over to Thomas Jessulat, CEO. Please go ahead.
Yes. Ladies and gentlemen, hello and good afternoon. I welcome you to our earnings call today on the third quarter of 2024. As usual, I'll provide a detailed look into the results from the third quarter. First, I will briefly highlight some key developments from the first nine months of 2024, including the transaction to divest to group companies that was signed and announced one month ago.
Then, I will present and discuss the financial figures of the third quarter and close with some comments on the remainder of fiscal year 2024. At the end, as usual, you have the opportunity to ask questions, and I am pleased to answer
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