Adtran Networks SE
ISIN: DE0005103006
WKN: 510300
06 August 2024 05:00AM

EQS-News: Adtran Networks SE announces results for Q2 2024

Adtran Networks SE · ISIN: DE0005103006 · EQS - Company News
Country: Germany · Primary market: Germany · EQS NID: 1961413

EQS-News: Adtran Networks SE / Key word(s): Quarter Results
Adtran Networks SE announces results for Q2 2024

06.08.2024 / 05:00 CET/CEST
The issuer is solely responsible for the content of this announcement.


Adtran Networks SE announces results for Q2 2024

  • Quarterly revenues at EUR 108.2 million
  • Pro forma EBIT at negative EUR 2.5 million (-2.3% of revenues)

Munich, Germany. August 6, 2024. Adtran Networks SE (ISIN: DE0005103006, FSE: ADV), a leading provider of open networking solutions for the delivery of cloud and mobile services, reported financial results for Q2 2024 ended on June 30, 2024. The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Q2 2024 financial summary1

(in thousands of EUR) Q2 Q2 Change Q1 Change        
  2024 2023   2024          
         
Revenues 108,165 170,188 -36.4% 109,606 -1.3%        
Pro forma gross profit 38,179 60,232 -36.6% 39,738 -3.9%        
in % of revenues 35.3% 35.4% -0.1pp 36.3% -1.0pp        
Pro forma EBIT -2,481 12,092 n.a. -3,403 n.a.        
in % of revenues -2.3% 7.1% -9.4pp -3.1% 0.8pp        
Operating income2 -5,341 8,033 n.a. -8,848 n.a.        
Net income/loss -826 3,288 n.a. -1,208 n.a.        
         
(in thousands of EUR) Jun. 30,
2024
Jun. 30,
2023
Change Mar. 31,
2024
Change        
Cash and cash equivalents 41,476 48,595 -14.6% 32,943 25.9%        
Net cash (+) / Net debt (-)3 -33,199 -33,457 n.a. -35,960 n.a.        
                   

 1 Potential difference due to rounding

2 Q2 2024 including EUR 1.1 million, Q1 2024 including EUR 3.7 million, Q2 2023 including EUR 1.7 million extraordinary expenses

3 Q2 2024 including EUR 70.1 million new financial liabilities to banks and EUR 15.5 million loan to Adtran Holdings, Inc., Q1 2024 including EUR 53.2 million financial liabilities to Adtran Holdings, Inc., Q2 2023 including EUR 10.0 million financial liabilities to banks and EUR 53.0 million financial liabilities to Adtran Holdings, Inc., Q2 2024 and Q1 2024 further including EUR 23.9 million receivables to Adtran Holdings, Inc., due to DPLTA

 Q2 2024 IFRS financial results

Revenue in Q2 2024 was down 1.3% to EUR 108.2 million from EUR 109.6 million in Q1 2024 and was also down 36.4% compared to EUR 170.2 million in Q2 2023. The lower revenues were due to reduced customer spending driven by the uncertain macroeconomic environment and elevated customer inventory levels impacting customer spending behavior. 

Pro forma gross profit in Q2 2024 was EUR 38.2 million (35.3% of revenues), down 3.9% from EUR 39.7 million (36.3% of revenues) in Q1 2024 and decreased by 36.6% from EUR 60.2 million (35.4% of revenues) in Q2 2023.

Pro forma EBIT in Q2 2024 was negative EUR 2.5 million (-2.3% of revenues) compared to negative EUR 3.4 million (-3.1% of revenues) in Q1 2024 and EUR 12.1 million (7.1% of revenues) in Q2 2023 respectively.

Q2 2024 operating loss was EUR 5.3 million compared to an operating income of EUR 8.0 million in Q2 2023 and improved by EUR 3.5 million compared to an operating loss of EUR 8.8 million in Q1 2024. The operating loss was due to the lower level of revenues partially offset by lower extraordinary expenses related to the cost efficiency measures.

Net loss was EUR 0.8 million in Q2 2024, compared to a net loss of EUR 1.2 million in Q1 2024 and to a net income of EUR 3.3 million in Q2 2023. The substantially lower net loss compared to the operating loss is in particular due to recorded tax benefit of EUR 6.4 million in Q2 2024.

The company’s cash and cash equivalents increased by EUR 8.5 million to EUR 41.5 million in Q2 2024 compared to EUR 32.9 million at the end of Q1 2024 and decreased by EUR 7.1 million compared to EUR 48.6 million in Q2 2023.

The company’s net debt decreased by EUR 2.8 million from EUR 36.0 million in Q1 2024 to EUR 33.2 million in Q2 2024 and improved slightly by EUR 0.3 million compared to a net debt of EUR 33.5 million at the end of Q2 2023.

 Management commentary

 “Our business continued to be impacted by elevated customer inventory levels and higher interest rates  explained Tom Stanton, CEO Adtran Networks SE. While the market conditions still remain challenging, we remain focused on our operating efficiency and are optimistic about the mid-term prospects from global expansion opportunities, and we are strategically positioned to benefit from the market recovery”.

The company will publish its financial results for Q3 2024 on November 7, 2024.

The complete half-year report 2024 (January – June) will be published on August 12, 2024, on Adtran Networks SE Financial Results

Forward-looking statements

The economic projections and forward-looking statements contained in this document relate to future facts. Such projections and forward-looking statements are subject to risks that cannot be foreseen and that are beyond the control of Adtran Networks SE. Adtran Networks SE is therefore not in a position to make any representation as to the accuracy of economic projections and forward-looking statements or their impact on the financial situation of Adtran Networks SE or the market in the shares of Adtran Networks SE.

Use of pro forma financial information

Adtran Networks SE provides consolidated pro forma financial results in this press release solely as supplemental financial information to help investors and the financial community make meaningful comparisons of Adtran Networks SE operating results from one financial period to another. Adtran Networks SE believes that these pro forma consolidated financial results are helpful because they exclude non-cash charges related to the stock option programs and amortization and impairment of goodwill and acquisition-related intangible assets, which are not reflective of the company’s operating results for the period presented. Additionally, non-recurring expenses relating to M&A restructuring measures are not included. This pro forma information is not prepared in accordance with IFRS and should not be considered a substitute for the historical information presented in accordance with IFRS.

About Adtran Networks SE

Adtran Networks SE is a company founded on innovation and focused on helping our customers succeed. Our technology forms the building blocks of a shared digital future and empowers networks across the globe. We’re continually developing breakthrough hardware and software that leads the networking industry and creates new business opportunities. It’s these open connectivity solutions that enable our customers to deliver the cloud and mobile services that are vital to today’s society and for imagining new tomorrows. Together, we’re building a truly connected and sustainable future. For more information on how we can help you, please visit us at www.adva.com.

Published by

Adtran Networks SE, Munich, Germany

www.adva.com  

For press

Gareth Spence

+44 1904 699 358

public-relations@adtran.com

For investors

Romy Opitz

IRelations@adtran.com

 

 



06.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: Adtran Networks SE
Märzenquelle 1-3
98617 Meiningen-Dreissigacker
Germany
Phone: +49 89 890 665 0
Fax: +49 89 890 665 199
E-mail: investor.relations@adtran.com
Internet: www.adva.com, www.adtran.com
ISIN: DE0005103006
WKN: 510300
Indices: SDAX
Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1961413

 
End of News EQS News Service

1961413  06.08.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 501,98 556,82 564,96 603,32 712,11 613,67 0,00
EBITDA1,2 64,36 74,19 92,53 115,70 21,86 82,09 0,00
EBITDA-Margin3 12,82 13,32 16,38 19,18 3,07 13,38 0,00
EBIT1,4 14,99 12,00 27,47 45,30 18,11 13,30 0,00
EBIT-Margin5 2,99 2,16 4,86 7,51 2,54 2,17 0,00
Net Profit (Loss)1 7,05 7,05 20,31 59,22 18,13 -14,51 0,00
Net-Margin6 1,40 1,27 3,60 9,82 2,55 -2,36 0,00
Cashflow1,7 60,36 66,89 97,14 123,25 14,84 37,61 0,00
Earnings per share8 0,19 0,14 0,40 1,15 0,35 -0,28 0,05
Dividend per share8 0,00 0,00 0,00 0,00 0,52 0,52 0,52
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: PricewaterhouseCoopers

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INVESTOR-INFORMATION
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Adtran Networks
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
510300 DE0005103006 SE 1.037,97 Mio € 29.03.1999 Halten 8FWH4C6X+F6
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
41,54 20,20 2,06 69,00 2,75 27,60 1,69
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,52 0,52 0,52 2,61%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
28.06.2024 07.05.2024 06.08.2024 07.11.2024 18.04.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,10%
19,94 €
ATH 159,28 €
+1,32% +1,50% -0,30% -0,80% +211,56%

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