Vaisala Corporation Interim Report January–September 2024
24 Oktober 2024 - 8:00AM
UK Regulatory
Vaisala Corporation Interim Report January–September 2024
Vaisala
Corporation Interim
Report October
24, 2024, at 9:00 a.m. (EEST)
Vaisala Corporation Interim Report January–September
2024
Solid third quarter with very strong orders received
This release is a summary of Vaisala’s Interim Report
January–September 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.
Third quarter 2024 highlights
- Orders received EUR 150.8 (119.7) million, increase 26%
- Order book at the end of the period EUR 220.4 (165.8) million,
increase 33%
- Net sales EUR 136.6 (130.4) million, increase 5%
- Operating result (EBIT) EUR 24.1 (25.2) million, 17.7 (19.3) %
of net sales
- Earnings per share EUR 0.53 (0.51)
- Cash flow from operating activities EUR 25.2 (18.5)
million
January–September 2024 highlights
- Orders received EUR 421.2 (381.0) million, increase 11%
- Net sales EUR 397.1 (393.0) million, increase 1%
- Operating result (EBIT) EUR 54.9 (50.3) million, 13.8 (12.8) %
of net sales
- Earnings per share EUR 1.17 (0.99)
- Cash flow from operating activities EUR 50.0 (54.2)
million
Business outlook for 2024
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.
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 until they started to gradually improve in Q3/2024. Similar
development is expected to continue in Q4/2024. Markets for power
and energy, and liquid measurements 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 be stable.
Key figures
MEUR |
7-9/2024 |
7-9/2023 |
Change |
1-9/2024 |
1-9/2023 |
Change |
1-12/2023 |
Orders received |
150.8 |
119.7 |
26% |
421.2 |
381.0 |
11% |
528.1 |
Order book |
220.4 |
165.8 |
33% |
220.4 |
165.8 |
33% |
172.5 |
Net sales |
136.6 |
130.4 |
5% |
397.1 |
393.0 |
1% |
540.4 |
Gross profit |
78.3 |
75.6 |
4% |
223.6 |
221.6 |
1% |
301.7 |
Gross margin, % |
57.3 |
58.0 |
|
56.3 |
56.4 |
|
55.8 |
Operating expenses |
54.4 |
50.4 |
8% |
169.2 |
171.5 |
-1% |
235.9 |
Operating result |
24.1 |
25.2 |
|
54.9 |
50.3 |
|
66.6 |
Operating result, % |
17.7 |
19.3 |
|
13.8 |
12.8 |
|
12.3 |
Result before taxes |
24.5 |
24.1 |
|
54.3 |
47.1 |
|
63.1 |
Result for the period |
19.2 |
18.5 |
|
42.3 |
36.0 |
|
48.9 |
Earnings per share |
0.53 |
0.51 |
4% |
1.17 |
0.99 |
17% |
1.35 |
Return on equity, % |
|
|
|
20.6 |
19.0 |
|
18.9 |
Research and development costs |
15.1 |
13.6 |
11% |
49.3 |
49.6 |
-1% |
67.7 |
Capital expenditure |
2.8 |
4.1 |
-32% |
9.7 |
10.9 |
-11% |
13.9 |
Depreciation, amortization, and impairment |
5.9 |
6.2 |
-5% |
17.4 |
18.2 |
-4% |
24.3 |
Cash flow from operating activities |
25.2 |
18.5 |
36% |
50.0 |
54.2 |
-8% |
83.8 |
Cash and cash equivalents |
|
|
|
85.4 |
65.8 |
30% |
90.3 |
Interest-bearing liabilities |
|
|
|
46.1 |
62.8 |
-27% |
62.1 |
Gearing, % |
|
|
|
-14.0 |
-1.2 |
|
-10.5 |
President and CEO Kai Öistämö
“Vaisala had a solid third quarter as we continued executing our
strategy to grow as a global leader in measurement instruments and
intelligence for climate action. One of the highlights was the
acquisition of Speedwell Climate to further expand our
subscription-based business. We experienced a good order intake
despite the soft market environment. Boosted by a large weather
radar order to Spain, our order book was all-time high at EUR 220
million. Compared to the previous year, our orders received grew by
26% and net sales by 5%. Our Q3 operating result was strong 17.7%
of net sales.
Industrial Measurements business area continued to grow
supported by early signs of recovery in the industrial instruments
market in North America. The growth of orders received in
industrial instruments as well as in power and energy market
segment led to a 12% increase in orders received and 6% growth in
net sales. The operating result margin returned to a high level of
26.9%.
Following a very strong Q2, Weather and Environment business
area’s Q3 performance was solid. The Spanish weather radar order
significantly contributed to a 36% growth in orders received. Net
sales growth of 4% was driven by large orders received in the past
quarter and an 18% growth in subscription sales. The operating
result margin was good at 11.1%.
In October, we announced changes in Vaisala’s Leadership Team to
continue our strategy execution and growth. Sampsa Lahtinen, EVP
Industrial Measurements, will retire after a long and successful
career. As of January 2025, Jarkko Sairanen, currently EVP Weather
and Environment, will lead the Industrial Measurements business
area. The leadership for Vaisala’s Weather and Environment business
area will be divided between Anne Jalkala and Samuli Hänninen to
drive growth in renewable energy and subscription sales. Anne
Jalkala, currently Chief Strategy and Sustainability Officer, was
appointed to lead the Weather, Energy and Environment business.
Samuli Hänninen joins the leadership team and continues to lead the
Xweather business. Our financial reporting structure remains
unchanged. I want to give my warmest thanks to Sampsa for his great
contribution and wish him, Jarkko, Anne, and Samuli all the best
for their future endeavors.
Despite the continuingly uncertain business environment, we
continue to 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, October 24, 2024,
starting at 1:00 p.m. (Finnish time).
You can participate in the live audiocast via following link:
https://vaisala.videosync.fi/q3-2024
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=50048553
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
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