EQS-News

JOST maintains profitability at a high level and improves free cash flow in Q1 2024

EQS-News: JOST Werke SE / Key word(s): Quarter Results/Interim Report JOST maintains profitability at a high level and improves free cash flow in Q1 2024 15.05.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. JOST maintains profitability at a high level and improves free cash flow in Q1 2024

• Sales below previous year due to market conditions: Sales at EUR 299 million (Q1 2023: EUR 342 million)
• High profitability maintained: Adjusted EBIT margin remains stable at 11.6% (Q1 2023: 11.6%) and adjusted EBIT reaches EUR 35 million due to sales development (Q1 2023: EUR 40 million)
• Free cash flow significantly increased: Free cash flow increases by 164% to EUR +35 million (Q1 2023: EUR +13 million)
• Net debt further reduced: Leverage ratio improves down to 0.93x (December 31, 2023: 0.998x)
• Outlook for the 2024 financial year confirmed

 

Neu-Isenburg, May 15, 2024 – JOST Werke SE ("JOST"), a leading global producer and supplier of safety-critical systems for the commercial vehicle industry, published today its interim report for the first quarter of 2024.

Joachim Dürr, CEO of JOST Werke SE, says: "Our flexibility, our broad product portfolio and the wide global footprint of our business enabled us to maintain our profitability at a high level despite a challenging market environment.  JOST was able to offset the cyclical decline in sales in terms of earnings and generate a free cash flow of EUR +35 million in the first quarter of 2024. The close proximity to our customers was a key success factor that allowed us to anticipate market developments in good time so that we could adapt quickly to the regional market fluctuations."

Sales and earnings performance

After three strong years of growth from 2021 to 2023, demand for trucks and trailers cooled in North America and Europe due to the market cycle. At the same time, the weak demand in the agricultural business continued. In this market environment, JOST's sales in the first quarter of 2024 declined by 12.6% to EUR 298.5 million compared to the pent-up driven particularly strong previous year’s quarter (Q1 2023: EUR 341.6 million). Adjusted for acquisition and currency effects, sales in the first quarter of 2024 contracted by 17.7% compared to the previous year.