Wilh. Wilhelmsen (WWIB) Q3 2024 earnings summary

Executive summary

• Net profit to equity holders was USD 131 million with EPS of USD 3.05, reflecting continued year-over-year growth in operating results and strong contributions from associates, though lower than the previous quarter.

• Buyback of 875,000 shares for USD 33 million and increased stake in Treasure ASA to 84.2% post quarter for USD 30 million.

• Declared second dividend of NOK 8.00 per share, bringing full-year dividend to NOK 18.00 per share.

• Total income for Q3 2024 was USD 295 million, up 16% year-over-year but down 2% sequentially.

• EBITDA reached USD 38 million, up 6% year-over-year but down 17% from previous quarter.

Financial highlights

• Net profit to equity holders: USD 131 million, down 22% sequentially but up year-over-year.

• EPS: USD 3.05, down from USD 3.83 in Q2.

• Total comprehensive income to equity holders rose 14% sequentially and 51% year-over-year.

• Shareholders' equity increased 6% in the quarter to USD 2,641 million; equity ratio at 71%.

• Cash and cash equivalents at quarter-end: USD 154 million, down USD 24 million from Q2.

Outlook and guidance

• Maintains strong balance sheet and diversified portfolio; expects to support growth and deliver consistent yearly dividends despite ongoing geopolitical uncertainty.

• Maritime Services expects lower inflation impact in 2025 and increased geopolitical risks but anticipates continued market growth.

• New Energy segment to maintain high activity levels into 2025, supported by energy transition and offshore demand.

• Strategic Holdings and Investments segment expects favorable market conditions for ro-ro shipping to persist into 2025.