JOST publishes preliminary interim results for the third quarter of 2024 and adjusts outlook for fiscal year 2024
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EQS-Ad-hoc: JOST Werke SE / Key word(s): 9 Month figures/Change in Forecast JOST publishes preliminary interim results for the third quarter of 2024 and adjusts outlook for fiscal year 2024
Neu-Isenburg, October 11, 2024 - JOST Werke SE ("JOST"), a leading global producer and supplier of safety-critical systems for commercial vehicles, announced its preliminary and unaudited interim results for the third quarter of 2024 and adjusted its outlook for fiscal year 2024.
The typical seasonality of the summer months in Europe and North America was more pronounced than in the previous year, which had still been positively influenced by pent-up demand effects in the transport markets. As a result, group sales declined by 15.7% to EUR 246.3 million in the third quarter of 2024 according to preliminary figures (Q3 2023: EUR 292.0 million). Mainly due to the lower sales, adjusted EBIT decreased to EUR 26.5 million in the third quarter of 2024 (Q3 2023: EUR 33.4 million). JOST managed to maintain profitability at a high level, with adjusted EBIT margin reaching 10.8% during the third quarter of 2024 despite the decline in sales (Q3 2023: 11.4%). In the first nine months of 2024, group sales decreased by 12.6% to EUR 843.0 million (9M 2023: EUR 964.0 million). Following the sales development, adjusted EBIT declined by 14.0% to EUR 94.9 million in the same period (9M 2023: EUR 110.4 million). The high flexibility of JOST's business model paired with a strict cost discipline enabled JOST to maintain its adjusted EBIT margin high at 11.3% during the first nine months of 2024 (9M 2023: 11.5%).
Outlook for the full year 2024 adjusted JOST is currently observing an increasing cooling off in demand for commercial vehicles in the transportation sector both in Europe and North America. In the agricultural sector, the latest market forecasts indicate that the market recovery expected for the second half of 2024 will be postponed to 2025. Against this backdrop and taking into account the latest call-off figures and adjusted forecasts from OEM customers, JOST is updating its outlook for fiscal year 2024. For 2024, JOST now expects a reduction in sales of around 15% (+/- 2.5 percentage points) compared to the prior year (previous outlook: single-digit percentage decline; prior year: EUR 1,249.7 million). Despite the expected decline in sales, JOST is convinced it will be able to maintain its strong profitability. Adjusted EBIT in 2024 is still expected to decline at a slightly faster pace than sales, leading to a reduction in the low double-digit percentage range compared to prior year (previous outlook: single-digit percentage decline; prior year: EUR 140.8 million). JOST is also narrowing the range for the expected adjusted EBIT margin in 2024 to between 10.5% and 11.0% (previous outlook: below the prior-year level (prior year: 11.3%), in the upper half of the 10.0%-11.5% corridor).
JOST will release its final interim financial results for the third quarter of 2024 together with the interim report on November 14, 2024. A virtual conference for analyst and investor will take place on the same day at 11:00 a.m. CET.
Contact: JOST Werke SE End of Inside Information
11-Oct-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | JOST Werke SE |
| Siemensstraße 2 | |
| 63263 Neu-Isenburg | |
| Germany | |
| Phone: | +49 6102 2950 |
| Fax: | +49 (0)6102 295-298 |
| E-mail: | ir@jost-world.com |
| Internet: | www.jost-world.com |
| ISIN: | DE000JST4000 |
| WKN: | JST400 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 2007089 |
| End of Announcement | EQS News Service |
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2007089 11-Oct-2024 CET/CEST
