EQS-News: Klöckner & Co continues solid business performance in the second quarter of 2024 despite challenging environment
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EQS-News: Klöckner & Co SE
/ Key word(s): Quarter Results
Duisburg, Germany, August 1, 2024 – Klöckner & Co continued its solid business development in the second quarter of 2024 and significantly increased shipments by 11.5% compared to the prior-year quarter, reaching 1.2 million tons (Q2 2023: 1.0 million tons). In the first half of 2024, shipments increased by 8.1% to 2.3 million tons (HY1 2023: 2.1 million tons). The increase is primarily attributable to the acquisitions in Mexico and the US completed in the second half of 2023. With €3.5 billion (HY1 2023: €3.6 billion), sales dropped slightly by 2.6% in the first half of the year due to lower prices. The operating income (EBITDA) before material special effects in the first half of 2024 was €83 million (HY1 2023: €130 million). Despite a persistently challenging macroeconomic environment and a significant steel price correction, Klöckner & Co generated solid EBITDA before material special effects of €42 million in the second quarter of 2024 (Q2 2023: €65 million). Therefore, the figure is within the guidance range of €30 to 70 million. Earnings in the prior-year comparative periods benefited in particular from a more favorable market environment overall. Guido Kerkhoff, CEO of Klöckner & Co SE: “Despite a challenging environment, we achieved a solid result and made further progress in implementing our strategy. With the acquisition of Amerinox Processing in North America, we further expanded our range of higher value-added products and services.” In March 2024, Klöckner & Co successfully completed the disposal of parts of its European distribution business. The net loss from discontinued operations amounted to €5 million in Q2 2024 (Q2 2023 net loss of €3 million) and €29 million in the first half of 2024 (HY1 2023 net loss of €35 million). This result was largely attributable to negative deconsolidation effects. The net loss from continuing operations in the second quarter of 2024 amounted to €18 million (Q2 2023 net income of €15 million) and in the first half of 2024 to €26 million (HY1 2023 net income of €39 million). Overall, the net loss including discontinued operations came to €23 million in the second quarter of 2024 (Q2 2023 net income of €12 million) and €55 million in the first half of 2024 (HY1 2023 net income of €4 million). Earnings per share from continuing operations amounted to €–0.18 in Q2 2024 (Q2 2023: €0.15) and €–0.27 in HY1 2024 (HY1 2023: €0.39). Earnings per share including discontinued operations in the second quarter of 2024 amounted to €–0.23 (Q2 2023: €0.12) and in the first half year of 2024 to €–0.56 (HY1 2023: €0.04). For the second quarter of 2024, Klöckner & Co generated a significantly positive cash flow from operating activities in the amount of €61 million (Q2 2023: €33 million). Cash flow from operating activities for the first six months of fiscal year 2024 was €18 million (HY1 2023: €79 million). With the successful acquisition of Amerinox Processing by the US subsidiary Kloeckner Metals Corporation, Klöckner & Co has further strengthened its leading position in North America. Amerinox Processing processes stainless steel, aluminum and special carbon steel. The company is an industry leader in material polishing, including high-gloss finishing. Amerinox Processing employs roughly 60 people in Camden, New Jersey, near a major port. Klöckner & Co will use this excellent strategic location to build competitive, global supply chains. The Group will also use the acquisition to further expand its range of higher value-added products and services. Outlook The year-to-date demand has been weaker than originally anticipated, especially in Europe. In light of these developments, Klöckner & Co now expects a slight increase in shipments for fiscal year 2024 compared to the previous year. Due to the steel price correction over the course of the year so far, a slight year-on-year decline in sales is projected for 2024. Despite the persistently challenging macroeconomic environment, the company expects EBITDA before material special effects in the range of €20 million to €60 million in the third quarter of 2024 and €120 million to €180 million for fiscal year 2024. Klöckner & Co continues to anticipate a strong and once again significantly positive cash flow from operating activities in the current fiscal year. However, it will likely remain below previous year’s level.
About Klöckner & Co: Klöckner & Co SE is one of the largest producer-independent distributors of steel and metal products and one of the world’s leading steel service center companies. With its distribution and service network of around 120 sites, primarily in North America and the “DACH” region (Germany, Austria and Switzerland), Klöckner & Co supplies more than 60,000 customers. Currently, the Group has around 6,400 employees. Klöckner & Co generated sales of some €7.0 billion in fiscal year 2023. With the expansion of its portfolio of CO2-reduced materials, services and logistics options under the Nexigen® umbrella brand, the Company is underscoring its role as a pioneer of a sustainable steel industry. At the same time, Klöckner & Co leads the way in the steel industry’s digital transformation and has set itself the target of digitalizing and largely automating its supply and service chain. In this way, the Company aims to develop into the leading one-stop shop for steel, other materials, equipment and processing services in Europe and the Americas. The shares of Klöckner & Co SE are admitted to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with further post-admission obligations (Prime Standard). Klöckner & Co shares are listed in the SDAX® index of Deutsche Börse. ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576.
Contact Klöckner & Co SE: Press Investors
01.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | Klöckner & Co SE |
| Am Silberpalais 1 | |
| 47057 Duisburg | |
| Germany | |
| Phone: | +49 (0)203 / 307-0 |
| Fax: | +49 (0)203 / 307-5000 |
| E-mail: | info@kloeckner.com |
| Internet: | www.kloeckner.com |
| ISIN: | DE000KC01000 |
| WKN: | KC0100 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1958429 |
| End of News | EQS News Service |
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1958429 01.08.2024 CET/CEST
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 6.314,72 | 5.130,11 | 7.440,86 | 9.378,69 | 6.956,61 | 0,00 | 0,00 | |
| EBITDA1,2 | 139,03 | 52,14 | 878,70 | 480,96 | 190,44 | 0,00 | 0,00 | |
| EBITDA-Margin3 | 2,20 | 1,02 | 11,81 | 5,13 | 2,74 | 0,00 | 0,00 | |
| EBIT1,4 | 1,73 | -93,64 | 754,50 | 348,08 | 65,76 | 0,00 | 0,00 | |
| EBIT-Margin5 | 0,03 | -1,83 | 10,14 | 3,71 | 0,95 | 0,00 | 0,00 | |
| Net Profit (Loss)1 | -54,88 | -114,36 | 629,34 | 259,34 | -189,80 | 0,00 | 0,00 | |
| Net-Margin6 | -0,87 | -2,23 | 8,46 | 2,77 | -2,73 | 0,00 | 0,00 | |
| Cashflow1,7 | 204,23 | 160,98 | -305,77 | 405,17 | 321,57 | 0,00 | 0,00 | |
| Earnings per share8 | -0,56 | -1,16 | 5,58 | 2,32 | -1,91 | -1,10 | 0,29 | |
| Dividend per share8 | 0,00 | 0,00 | 1,00 | 0,40 | 0,20 | 0,00 | 0,00 | |
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
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Klöckner & Co | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| KC0100 | DE000KC01000 | SE | 443,89 Mio € | 28.06.2006 | Halten | 9F38CQJH+GW |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 7,81 | 12,22 | 0,64 | 14,08 | 0,26 | 1,38 | 0,06 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,40 | 0,20 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 28.05.2025 | 07.05.2025 | 06.08.2025 | 06.11.2024 | 12.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -5,82% | -17,62% | +0,23% | -35,37% | -72,19% |
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