FX.co ★ GEA Q1 Profit Rises; Confirms FY24 Outlook

The first quarter profit of GEA (GEAGF.PK) rose by 10.9%, amounting to 90.6 million euros, a jump from the prior year's 81.7 million euros. There was also an increase in earnings per share, from 0.47 euros to 0.53 euros. The first quarter EBITDA, prior to restructuring costs, totalled 180.5 million euros, a 5.1% increase on the figure for the same quarter in the previous year. Meanwhile, earnings per share before restructuring expenses amounted to 0.59 euros, compared to the previous figure of 0.54 euros.

However, the company's revenue experienced a slight decrease, dropping by 2.3% to 1.24 billion euros. Once adjusted for portfolio and currency translation effects, there was actually a revenue increase of 2.7%. Order intake fell by 13.6% to 1.36 billion euros.

Anticipating organic revenue growth of between 2.0 and 4.0%, GEA projects an EBITDA margin, prior to restructuring costs, of 14.5 to 14.8% for the fiscal year 2024.

The Executive Board of the GEA Group has decided to commence the last phase of the share buyback program once the first phase concludes. Upon completion of the first stage, investing up to 150 million euros this month, the consequent phase is anticipated to begin in early June 2024 with an investment of up to 250 million euros, and is expected to complete by the beginning of 2025.