Vaisala Corporation Half Year Financial Report January–June 2024
25 Juli 2024 - 8:00AM
UK Regulatory
Vaisala Corporation Half Year Financial Report January–June 2024
Vaisala
Corporation Half
Year Financial
Report July
25, 2024, at 9:00 a.m. (EEST)
Vaisala Corporation Half Year Financial Report
January–June 2024
Strong growth in Q2 orders received and net sales, operating
result doubled
This release is a summary of Vaisala’s Half Year Financial
Report January–June 2024. The complete report is attached to this
release as a pdf file. It is also available on the company website
at www.vaisala.com/investors.
Second quarter 2024 highlights
- Orders received EUR 147.2 (129.3) million, increase 14%
- Order book at the end of the period EUR 196.9 (167.4) million,
increase 18%
- Net sales EUR 148.4 (130.8) million, increase 13%
- Operating result (EBIT) EUR 23.7 (11.9) million, 15.9 (9.1) %
of net sales
- Earnings per share EUR 0.49 (0.22)
- Cash flow from operating activities EUR 7.7 (8.8) million
January–June 2024 highlights
- Orders received EUR 270.5 (261.3) million, increase 4%
- Net sales EUR 260.5 (262.6) million, decrease 1%
- Operating result (EBIT) EUR 30.8 (25.2) million, 11.8 (9.6) %
of net sales
- Earnings per share EUR 0.64 (0.49)
- Cash flow from operating activities EUR 24.8 (35.7)
million
Business outlook for 2024 – estimate ranges specified
Vaisala estimates that its full-year 2024 net sales will be in
the range of EUR 540–570 million and its operating result (EBIT)
will be in the range of EUR 68–78 million.
Earlier Vaisala estimated that its full-year 2024 net sales
would be in the range of EUR 530–570 million and its operating
result (EBIT) would be in the range of EUR 63–78 million.
Market outlook for 2024
Markets for high-end industrial instruments and life science
slowed down significantly during Q2/2023 and remained on a lower
level for the rest of the year. Markets remained flat in H1/2024
and are expected to start improving during H2/2024. Markets for
power and energy, and liquid measurements markets are expected to
grow.
Markets for the more mature markets, meteorology, aviation, and
roads, are expected to be stable. Market for renewable energy is
expected to grow.
Key figures
MEUR |
4-6/2024 |
4-6/2023 |
Change |
1-6/2024 |
1-6/2023 |
Change |
1-12/2023 |
Orders received |
147.2 |
129.3 |
14% |
270.5 |
261.3 |
4% |
528.1 |
Order book |
196.9 |
167.4 |
18% |
196.9 |
167.4 |
18% |
172.5 |
Net sales |
148.4 |
130.8 |
13% |
260.5 |
262.6 |
-1% |
540.4 |
Gross profit |
84.6 |
72.1 |
17% |
145.3 |
146.0 |
0% |
301.7 |
Gross margin, % |
57.0 |
55.1 |
|
55.8 |
55.6 |
|
55.8 |
Operating expenses |
61.2 |
60.4 |
1% |
114.8 |
121.1 |
-5% |
235.9 |
Operating result |
23.7 |
11.9 |
|
30.8 |
25.2 |
|
66.6 |
Operating result, % |
15.9 |
9.1 |
|
11.8 |
9.6 |
|
12.3 |
Result before taxes |
23.2 |
10.5 |
|
29.8 |
22.9 |
|
63.1 |
Result for the period |
17.9 |
8.0 |
|
23.1 |
17.6 |
|
48.9 |
Earnings per share |
0.49 |
0.22 |
124% |
0.64 |
0.49 |
31% |
1.35 |
Return on equity, % |
|
|
|
17.4 |
14.5 |
|
18.9 |
Research and development costs |
17.9 |
18.1 |
-1% |
34.3 |
36.0 |
-5% |
67.7 |
Capital expenditure |
4.9 |
3.6 |
34% |
6.9 |
6.7 |
2% |
13.9 |
Depreciation, amortization, and impairment |
5.8 |
6.1 |
-4% |
11.5 |
12.0 |
-4% |
24.3 |
Cash flow from operating activities |
7.7 |
8.8 |
-13% |
24.8 |
35.7 |
-31% |
83.8 |
Cash and cash equivalents |
|
|
|
65.2 |
51.2 |
27% |
90.3 |
Interest-bearing liabilities |
|
|
|
45.9 |
62.9 |
-27% |
62.1 |
Gearing, % |
|
|
|
-7.3 |
4.9 |
|
-10.5 |
President and CEO Kai Öistämö
“Vaisala had a strong second quarter and both our business areas
performed well after the slow start of the year. We continued
executing our strategy with sustained profitability improvement in
the established weather business and continued growth in
subscription sales as well as in services sales. Compared to the
previous year, our Q2 orders received grew by 14% and net sales by
13%. The quarter ended with a new record-high order book of EUR 197
million. Moreover, our Q2 operating result more than doubled
compared to the previous year, reflecting the strong growth in net
sales, improved gross margin, and successful cost
consciousness.
After challenging 12 months, Industrial Measurements business
area was back on growth. Q2 orders received grew by 8% and net
sales by 7%. In the life science market segment, orders received
were at previous year’s level, while orders in all other market
segments grew. Net sales continued to grow very strongly in the
power and energy market segment. We saw very strong growth also in
the business area’s service sales, resulting from systematic sales
efforts and growing the installed base of our equipment. The gross
margin and operating result margin returned to a good level,
operating result margin again exceeding 20%.
For Weather and Environment business area, Q2 was very strong in
all aspects. Both orders received and net sales grew by 18%. Orders
received grew especially in the aviation and meteorology market
segments, and net sales grew in all market segments. Net sales
growth was mainly driven by large orders received during the past
quarters and high project sales during the quarter. The
subscription sales business continued to grow at a very strong
growth rate of 16%. The operating result more than doubled compared
to previous year and was 12.2% of net sales.
In June, our new Chief Digital and Information Officer Girish
Agarwal joined the company. Girish brings strong expertise in
advanced AI, IT, and digitalization, which are key areas for our
future success. He succeeds Olli Nastamo, who retires after a long
and successful career. I want to thank Olli for his contributions
and warmly welcome Girish to our team.
Looking forward, our view on the full year 2024 remains
unchanged, but after H1 solid performance, we have narrowed our
estimate ranges for the full-year net sales and operating result.
We anticipate that the business environment remains uncertain, and
we need to continue to pace our investments accordingly. However,
we continue to anticipate that our performance in the second half
of the year will be stronger than in the first half. We now
estimate that our full-year 2024 net sales will be in the range of
EUR 540–570 million and operating result (EBIT) in the range of EUR
68–78 million.”
Audiocast and teleconference
An audiocast and a conference call for analysts, investors and
media will be held in English on Thursday 25, 2024, starting at
1:30 p.m. (Finnish time).
You can participate in the live audiocast via following link:
https://vaisala.videosync.fi/q2-2024/register
Questions may be presented by participating in the
teleconference. You can access the teleconference by registering on
the link below. After the registration, you will receive an email
with the dial-in numbers and a conference ID.
https://palvelu.flik.fi/teleconference/?id=50048552
A recording will be available at Vaisala.com/investors later the
same day.
Further information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Vaisala Corporation
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in measurement
instruments and intelligence for climate action. We equip our
customers with devices and data to improve resource efficiency,
drive energy transition, and care for the safety and well-being of
people and societies worldwide. With almost 90 years of innovation
and expertise, we employ a team of over 2,300 experts committed to
taking every measure for the planet. Vaisala series A shares are
listed on the Nasdaq Helsinki stock exchange. vaisala.com
- Vaisala Half Year Financial Report 2024
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