Malmbergs Elektriska (MEAB) Q2 2024 earnings summary

Executive summary

• Revenue for January–June 2024 was SEK 253.5m, down from SEK 298.0m year-over-year.

• Operating income for the period was SEK -15.5m, compared to SEK 9.9m last year.

• Net income after tax was SEK -15.3m, versus SEK 9.3m in the prior year.

• EPS was SEK -1.91, down from SEK 1.16 year-over-year.

• Ongoing investments in green technology and EV charging, with optimism for recovery as market conditions improve.

Financial highlights

• Cash flow from operating activities was SEK -4.4m, compared to SEK 35.7m last year.

• Solid equity ratio at 67.2% (66.6% last year).

• Inventory at June 30, 2024 was SEK 231.1m, down from SEK 263.5m a year earlier.

• Group net investments for the period were SEK 1.1m, down from SEK 2.5m.

• Liquidity remains strong with SEK 48.5m in cash and SEK 45m in unused credit lines.

Outlook and guidance

• Management remains optimistic about long-term growth, expecting recovery as market conditions improve.

• Cost-saving measures are expected to have full effect in the second half of 2024.

• Continued focus on innovation, quality, and customer satisfaction to drive future success.