Outokumpu interim report January-September 2024 - Solid third-quarter adjusted EBITDA driven by business areas Europe and Ferrochrome
HELSINKI, Oct. 30, 2024 /PRNewswire/ --
Highlights in Q3 2024
Stainless steel deliveries were 459,000 tonnes (449,000 tonnes)*.
Adjusted EBITDA amounted to EUR 86 million (EUR 51 million).
EBITDA was EUR 81 million (EUR 18 million).
ROCE amounted to -7.1% (5.3%).
Free cash flow was EUR -113 million (EUR -24 million incl. discontinued operations).
Earnings per share was EUR 0.05 (EUR -0.13).
On July 9, 2024, Kati ter Horst was appointed as the President and CEO of Outokumpu and she started after the reporting period on October 1, 2024.
Highlights in Q1–Q3/2024
Stainless steel deliveries were 1,371,000 tonnes (1,455,000 tonnes)*.
Adjusted EBITDA amounted to EUR 180 million (EUR 445 million).
EBITDA was EUR 174 million (EUR 401 million).
ROCE amounted to -7.1% (5.3%).
Free cash flow was EUR -105 million (EUR 134 million incl. discontinued operations).
Earnings per share was EUR -0.02 (EUR 0.30)
The impact of the political strike in Finland in the first half of 2024 was approximately EUR -60 million.
The dividend of EUR 110 million from the year 2023 was paid in the second quarter.
The most recent share buyback program was completed on February 29, 2024, and Outokumpu repurchased 8,357,545 shares during 2024.
*Figures in parentheses refer to the corresponding period for 2023, unless otherwise stated.
Key figures (EUR million, or as indicated)
Q3/24
Q3/23
Q2/24
Q1-Q3/24
Q1-Q3/23
2023
Sales
1,518
1,531
1,540
4,537
5,447
6,961
EBITDA
81
18
56
174
401
416
Adjusted EBITDA 1)
86
51
56
180
445
517
EBIT
32
-45
1
14
214
-100
Adjusted EBIT 1)
31
-12
1
15
261
274
Result before taxes
22
-60
-7
-14
187
-133
Net result for the period
20
-55
-5
-8
131
-111
Earnings per share
0.05
-0.13
-0.01
-0.02
0.30
-0.26
Return on capital employed, rolling 12 months (ROCE), % 2)
-7.1
5.3
-8.7
-7.1
5.3
-2.1
Capital expenditure
37
31
37
133
84
170
Free cash flow3)
-113
-24
35
-105
134
290
Stainless steel deliveries, 1000 tonnes
459
449
468
1,371
1,455
1,906
Net result for the period from all operations incl discontinued operations
20
-56
-5
-8
136
-106
1) Adjusted EBITDA or EBIT = EBITDA or EBIT, Items affecting comparability.
2) The balance sheet component in 2022 includes the equity component of discontinued operations.
3) The 2023 reference periods include discontinued operations.
During 2022, Outokumpu announced that it had signed an agreement to divest the majority of the Long Products business operations to Marcegaglia Steel Group and Outokumpu reclassified its Long Products businesses to be divested assets held for sale and discontinued operations. The divestment ...
