Aker Solutions ASA: Third-Quarter Results 2024

OSLO, Norway, Oct. 31, 2024 /PRNewswire/ -- Aker Solutions has delivered another strong quarter with growth in revenues, margins and cash generation compared to the same period last year. The outlook for the company remains positive with a large backlog and high tendering activity across market verticals. Based on the solid financial position and positive outlook, the Board of Directors will propose an extraordinary dividend of NOK 21 per share at an Extraordinary General Meeting to be held on November 22, 2024.

3Q 2024 Financial Highlights(excluding special items)

Revenue NOK 13.2 billion

EBITDA NOK 1.2 billion 

EBITDA margin 9.2 percent

Earnings per share NOK 1.70

Net cash position NOK 11.7 billion, including investments in liquid funds

Order intake NOK 6.0 billion (0.5x book-to-bill)

Order backlog NOK 64.7 billion

"The solid financial results reflect that we are successfully delivering on our extensive project portfolio, meeting key milestones and fulfilling commitments to our clients. At the same time, we are investing in digital solutions and robotization to both safeguard the delivery of our backlog and improve our competitiveness for future opportunities," said Kjetel Digre, Chief Executive Officer at Aker Solutions.

Key Developments

Third-quarter revenue increased to NOK 13.2 billion from NOK 9.1 billion a year earlier. EBITDA excluding special items increased to NOK 1.2 billion, or 9.2 percent margin, from NOK 214 million in the year-ago period. The financial results in the quarter were driven by strong operational performance across Aker Solutions' business segments and a solid contribution from our 20 percent ownership in OneSubsea.

Activity levels continue to be high across business segments and locations. During the quarter, Aker Solutions met several important milestones in its project portfolio, including the anchoring of the Johan Castberg ...