EQS-News

Vitesco Technologies starts with solid quarterly results into fiscal year 2024

EQS-News: Vitesco Technologies Group AG / Key word(s): Quarterly / Interim Statement/Quarter Results Vitesco Technologies starts with solid quarterly results into fiscal year 2024 08.05.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Vitesco Technologies starts with solid quarterly results into fiscal year 2024

• Quarterly sales of around €1.99 billion (Q1 2023: €2.31 billion)
• Adjusted EBIT: €33.0 million (Q1 2023: €30.8 million) with an adjusted EBIT margin of 1.7 percent (Q1 2023: 1.4 percent)
• Order intake of €708 million, of which around 40 percent in the electrification business
• Vitesco Technologies confirms outlook for fiscal year 2024

 

Regensburg, May 8, 2024. Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, published its first quarter 2024 results today.

“Given the persistently challenging market environment, Vitesco Technologies’ first quarter was solid,” says CEO Andreas Wolf. “In particular, the planned decline in non-core technologies resulted in lower sales at the beginning of the year.”

 

Transformation progress: non-core business declines as planned

Group sales in the first quarter came in at €1.99 billion (Q1 2023: €2.31 billion), which equates to a year-on-year decline of 13.9 percent. Adjusted for changes in the scope of consolidation and exchange-rate effects, sales were 7.5 percent lower.

The core business contributed €1.57 billion (Q1 2023: €1.60 billion) to total sales, whereas the non-core business generated sales of €423.0 million (Q1 2023: €713.1 million). The decline in sales at the start of the year was mainly attributable to the planned reduction in Contract Manufacturing for Continental.

Adjusted EBIT was at €33.0 million (Q1 2023: €30.8 million), which equates to an adjusted EBIT margin of 1.7 percent (Q1 2023: 1.4 percent). Consolidated net income for the period amounted to €22.7 million (Q1 2023: -€50.7 million) and earnings per share to €0.57 (Q1 2023: -€1.27).