Cirrus Aircraft (2507) H2 2024 earnings summary

Executive summary

• Achieved record revenue of US$1.20 billion for FY2024, up 12.1% year-over-year, driven by strong demand and increased aircraft deliveries, especially following the G7 launch.

• Net profit rose 32.5% to US$120.7 million, with gross profit margin expanding to 34.5% and operating profit margin reaching 12.8%.

• Backlog increased to 1,135 aircraft, with 633 net orders in 2024, up from 519 in 2023.

• Cash and cash equivalents rose to US$391.8 million, supported by positive cash flow and proceeds from the Global Offering.

Financial highlights

• Revenue: US$1,197.1 million (up 12.1% year-over-year).

• Gross profit: US$413.6 million (up 13.4% year-over-year); gross margin: 34.5%.

• Net profit: US$120.7 million (up 32.5% year-over-year); net margin: 10.1%.

• Adjusted EBITDA: US$187.1 million (up 15% year-over-year); adjusted EBITDA margin: 15.6%.

• Total assets: US$1,363.2 million; total liabilities: US$581.3 million.

• Cash flow from operations: US$164.5 million; cash flow after investments: US$70.2 million.

Outlook and guidance

• Focus on product improvement, model upgrades, and generational changes to maintain industry leadership.

• Strategic priorities include expanding the ecosystem, enhancing flight training, advancing the product portfolio, and global market expansion.

• Targeting gross margins in the low 30s and EBITDA margins between 13-15% for sustainable growth.