Figures in brackets refer to the corresponding period in 2022, unless otherwise stated.
Second-quarter 2023 in brief
- Healthy market activity in the mining industry, while the aggregates market was softer
-
Orders received declined -13% and amounted to
EUR 1,398 million (EUR 1,610 million ) -
Sales grew 15% to
EUR 1,483 million (EUR 1,295 million ) -
Adjusted EBITA increased 59% to
EUR 246 million , or 16.6% of sales (EUR 155 million , or 12.0%) -
Operating profit increased to
EUR 230 million , or 15.5% of sales (EUR -13 million , or -1.0%) -
Cash flow from operations was
EUR 62 million (EUR 15 million )
January-
- Orders received declined -3% to
EUR 2,931 million (EUR 3,034 million ) -
Sales grew 18% to
EUR 2,901 million (EUR 2,459 million ) -
Adjusted EBITA increased 48% to
EUR 461 million , or 15.9% of sales (EUR 312 million , or 12.7%) -
Operating profit was
EUR 426 million , or 14.7% of sales (EUR 127 million , or 5.1%) -
Earnings per share were
EUR 0.34 (EUR 0.08 ) and for continuing operationsEUR 0.35 (EUR 0.08 ) -
Cash flow from operations was
EUR 173 million (EUR 89 million )
President and CEO
We performed well in the second quarter with the Group's profitability reaching its highest level to date, driven by a continued improvement in the Minerals segment and solid performances in Aggregates and Metals. In addition, we made good progress in several key areas, such as launching new solutions for battery metals processing and investing in our capacity around the world.
The market activity remained in line with expectations and was healthy in the mining market yet softer in the aggregates market, especially in
The 15% sales growth was the result of all segments efficiently delivering their backlogs. The volume growth, coupled with the successful price and cost management and overall solid execution, increased our adjusted EBITA to
Sales of our Planet Positive products grew 43% to almost
During the quarter, we continued to advance in several key areas designed to strengthen our position in the markets and our capabilities to drive customer success. For example, we launched an advanced battery black mass recycling process, as a result of which our offering for battery minerals production covers 90% of the process. We also signed partnerships as a technology supplier for feasibility studies and pilot plants related to the production of battery minerals and rare earth ores in various countries.
Looking ahead, we see energy transition and electrification advancing, which will support our business in the coming years. Our full focus will be on capitalizing on these opportunities and further improving our performance.
Market outlook
According to the company's disclosure policy, Metso's market outlook describes the expected sequential development of market activity during the following six-month period using three categories: improve, remain at the current level, or decline.
Metso expects the market activity to remain at the current level in Minerals and to slightly decline in Aggregates.
In its previously published outlook, Metso expected the overall market activity to remain at the current level, including normal seasonality in the aggregates market.
Key figures
EUR million | Q2/2023 | Q2/2022 | Change % | Q1-Q2/2023 | Q1-Q2/2022 | Change % | 2022 |
Orders received | 1,398 | 1,610 | -13 | 2,931 | 3,034 | -3 | 6,024 |
Orders received by services business | 750 | 752 | 0 | 1,608 | 1,464 | 10 | 2,860 |
% of orders received | 54 | 47 | - | 55 | 48 | - | 47 |
Order backlog | 3,764 | 3,756 | 0 | 3,825 | |||
Sales | 1,483 | 1,295 | 15 | 2,901 | 2,459 | 18 | 5,295 |
Sales by services business | 738 | 616 | 20 | 1,431 | 1,167 | 23 | 2,574 |
% of sales | 50 | 48 | - | 49 | 47 | - | 49 |
Adjusted EBITA | 246 | 155 | 59 | 461 | 312 | 48 | 731 |
% of sales | 16.6 | 12.0 | - | 15.9 | 12.7 | - | 13.8 |
Operating profit* | 230 | -13 | - | 426 | 127 | 237 | 504 |
% of sales | 15.5 | -1.0 | - | 14.7 | 5.1 | - | 9.5 |
Earnings per share, continuing operations, EUR* | 0.18 | -0.02 | - | 0.35 | 0.08 | 338 | 0.40 |
Cash flow from operations | 62 | 15 | 302 | 173 | 89 | 95 | 322 |
Gearing, % | 35.5 | 28.5 | - | 35.5 | 28.5 | - | 29.1 |
Personnel at end of period | 16,836 | 15,992 | 5 | 16,705 |
*Figures for the comparison periods include a
Audiocast and conference call details
President and CEO
The audiocast can be followed at the company's website. A recording and a transcript will be available at the same webpage after the event has finished.
The teleconference can be accessed by registering on the link below.
http://palvelu.flik.fi/teleconference/?id=10010590
Further information, please contact:
Juha Rouhiainen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253, email: juha.rouhiainen(a)mogroup.com
Eeva Sipilä
CFO
Juha Rouhiainen
VP, Investor Relations
Distribution:
Nasdaq Helsinki Ltd
Main media
www.mogroup.com
Metso is a frontrunner in providing sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally. By helping our customers increase their productivity, improve their energy and water efficiency and environmental performance with our process and product expertise, we are the partner for positive change.
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