2023-11-14 07:00:05
Zurich (awp) – Montana Aerospace enjoyed solid growth over the first nine months of the year. Net sales jumped 13.0% to 1.04 billion euros. The objectives for the whole year have been confirmed, the aeronautical industry supplier said on Tuesday.
The solid increase in revenue was surpassed by the jump in adjusted operating profit before tax, interest and depreciation and amortization (Ebitda). The latter grew by 70% to 93.9 million. Cash generation strongly supported performance. The Ebitda margin increased by 3 percentage points to 9%.
The net loss recovered to -28.4 million, compared to -54.6 million a year earlier.
The financial result was affected by higher interest costs. At the end of September, the loss widened to -39.7 million, compared to -19.5 million a year earlier.
Sales were driven by the Aerostructures (+15%) and Energy (+20%) segments, while the E-mobility division suffered a decline (-9%). The majority of growth was generated organically, part through the acquisition of Asco in the Aerostructures segment and Sao Marco in the Energy segment. The divestment in Alpine Metal Tech at the end of 2022 must also be taken into account.
Montana Aerospace was able to achieve significant economies of scale, while personnel expenses did not increase in proportion to net sales. The positive trend is expected to continue in the future.
The objectives for the whole year are confirmed, with sales above 1.5 billion and an adjusted EBITDA of between 130 and 150 million. In 2024, the company targets net revenues of around 1.7 billion, as well as adjusted Ebitda in the range of 180 to 200 million. Cash flow should be able to be generated.
The company has also secured new financing, with a syndicated loan of 450 million euros. Combined with the use of cash of around 200 million, this should make it possible to strengthen the balance sheet and reduce interest charges.
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