Q2 2024 Jost Werke SE Earnings Call Transcript
Key Points
- JOST Werke SE (XTER:JST) maintained a strong adjusted EBIT margin of 11.3% despite a decline in sales.
- The company reported a significant free cash flow of EUR61 million in the first half of 2024.
- JOST Werke SE's leverage remained below the one-time factor, even after a EUR22 million dividend payment.
- The company invested EUR15 million in Trailer Dynamics, enhancing its R&D capabilities in e-Trailer technology.
- North America showed a strong EBIT margin of 17.4% in Q2, driven by a favorable product mix and efficient operations.
- Sales declined by 10% year-over-year, with an organic decline of 16% in Q2 2024.
- The European market faced a significant organic sales decline of 17%, impacting EBIT due to higher fixed costs.
- The North American market experienced a 22% organic sales decline, particularly in the trailer and compact loader segments.
- Asia-Pacific Africa saw a slight decline in sales, with a less favorable regional mix affecting EBIT.
- The agricultural sector remains cautious, with OEMs expecting a slow recovery, impacting future growth prospects.
Yeah, thank you very much and a good morning and a warm welcome to all of you, this time from Greeneville, Tennessee. So I'm not standing next to Oliver in our normal room, but I'm here with our US people. I'm still looking forward to present to you the Q2 numbers for 2024. So let's look at financial highlights that we've had in 2024 Q2.
Our sales have reached EUR298 million in this quarter, partially supported by M&A contribution of EUR21 million. Our adjusted EBIT reached EUR34 million and the adjusted EBIT margin remained strong on the prior year's level of 11.3%, despite the declining sales that we had due to the much softer markets in Q2.
The free cash flow grew to EUR61 million in the first half year of 2024. And our leverage, and that's important to us, remained below the one-time factor, even after the dividend payment of EUR22 million that we have done in Q2.
Our adjusted earnings per share reached EUR3.07 in the first half year, and the adjusted net earnings to sales ratio
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