Jungheinrich (JUN3) Q3 2024 earnings summary

Executive summary

• Incoming orders rose 1.5% year-over-year to €3,931 million for Q1–Q3 2024, driven by after-sales services growth despite a decline in new business.

• Revenue declined 2.4% year-over-year to €3,923 million, mainly due to weaker new business, with after-sales, rental, and used equipment partially offsetting the decline.

• EBIT for Q1–Q3 2024 was €320 million, down 5.5% year-over-year, reflecting higher personnel and collective agreement costs.

• Net profit for the period was €214.1 million, a 7.4% decrease from the previous year.

• Net debt fell to €72 million as of 30 September 2024, down from €262 million at year-end 2023, due to strong free cash flow.

Financial highlights

• Q3 2024 revenue increased 6.5% year-over-year to €1,266 million.

• EBIT in Q3 2024 was €105.7 million, up 2.6% year-over-year; EBIT margin improved to 8.1%.

• Earnings per preferred share for Q1–Q3 2024 were €2.11, down from €2.28 year-over-year.

• Free cash flow for the first nine months reached €314 million, a significant improvement from negative €98 million in the prior year.

Outlook and guidance

• 2024 forecast reaffirmed: incoming orders expected at €5.2–5.8 billion, revenue at €5.3–5.9 billion, likely in the lower half of the range.

• EBIT guidance for 2024 is €420–470 million, with EBIT margin between 7.6% and 8.4%.

• Free cash flow expectation raised to well above €300 million.

• Management notes incoming orders and revenue may trend toward the lower end of guidance ranges.

• ROCE expected between 14.5% and 17.5% for the year.