EQS-News
Mayr-Melnhof Karton AG: MM reports first quarter 2024 results
- MM reports Q1 2024 results below previous year
- Significant volume growth at MM Board & Paper
- Pressure on margins continues, profit protection program to be continued
EQS-News: Mayr-Melnhof Karton AG / Key word(s): Quarter Results
Group Key indicators - IFRS |
Consolidated, in millions of EUR | 1Q/2024 | 1Q /2023 | +/- |
Sales | 1,025.0 | 1,122.1 | -8.7 % |
Adjusted EBITDA | 94.5 | 133.6 | -29.3 % |
Adjusted operating profit | 39.6 | 78.7 | -49.6 % |
Adjusted operating margin (in %) | 3.9 % | 7.0 % | -314 bp |
Profit before tax | 18.0 | 49.0 | -63.2 % |
Profit for the period | 10.9 | 34.9 | -68.8 % |
Earnings per share (in EUR) | 0.52 | 1.71 |
Peter Oswald, MM CEO, comments: “The MM Group recorded a decline in both Group sales and adjusted operating profit in the 1st quarter of 2024 compared to the previous year’s value, due to the earnings performance in the Board & Paper division. The destocking in the supply chain has been largely completed, leading to a significant recovery of volumes sold in Board & Paper. However, pressure on margins continued as expected, as price increases will only compensate for the recent rise in production costs from the 2nd quarter onwards. In contrast, the Packaging division recorded a slight increase in results compared to the previous year, even though the margin was below the strong level of the 3rd and 4th quarter of 2023.