JOST Werke SE / Key word(s): Change in Forecast/Preliminary Results
JOST adjusts forecast for fiscal year 2023 and publishes preliminary interim results for the third quarter of 2023
Neu-Isenburg, November 8, 2023. JOST Werke SE („JOST”), a leading global producer and supplier of safety-critical systems for commercial vehicles, adjusts its outlook for fiscal year 2023 and announces its preliminary interim results for the third quarter of 2023.
Updated outlook for fiscal year 2023
Considering the preliminary sales and earnings figures for October 2023 and based on expectations for the remainder of the 2023 fiscal year, the Executive Board of JOST Werke SE now expects adjusted earnings before interest and taxes (adjusted EBIT) to grow in a high single-digit percentage range compared to 2022 (before: low single-digit percentage growth).
Due to negative currency effects and a continued weak demand in the agricultural business, sales for 2023 are expected to remain on previous year's level (before: low single-digit percentage growth).
As a result of the efficiency improvements achieved over the course of the year in Transport and the successfully implemented cost control measures in Agriculture, the Executive Board expects the adjusted EBIT margin for fiscal year 2023 to improve significantly compared to 2022 (before: slight improvement).
Preliminary interim reports for the third quarter of 2023
In the third quarter, JOST's sales contracted by 10.7% to EUR 292.0 million compared to the third quarter of 2022 (Q3 2022: EUR 327.1 million). This decline was due to weak demand for agricultural components and was additionally impacted by strong negative translational currency effects amounting to EUR -18.4 million. Adjusted for currency effects, sales decreased by 5.1% in the third quarter of 2023. In the first nine months of 2023, sales increased by 0.3% compared to the previous year (currency-adjusted 3.7%) and amounted to EUR 964.0 million (9M 2022: EUR 960.9 million).
Overall, sales of agricultural components declined by 40.3% to EUR 49.5 million in the third quarter of 2023 (Q3 2022: EUR 83.0 million). Adjusted for currency effects, sales in Agriculture declined by 34.5% compared to the previous year. In the first nine months of the year, sales in Agriculture went down by 25.5% to EUR 192.6 million (9M 2022: EUR 258.6 million). In the Transport business, the robust market for trucks offset the somewhat weaker demand for trailers. Sales in Transport declined slightly by 0.7% to EUR 242.5 million in the third quarter of 2023, due to negative currency effects (Q3 2022: EUR 244.2 million). Adjusted for currency effects, sales in Transport increased by 4.6% in the third quarter of 2023, compared to the previous year. In the first nine months of the year, sales in Transport grew by 9.8% to EUR 771.4 million (9M 2022: EUR 702.3 million).
As a result of efficiency gains and cost control measures successfully implemented, JOST was able to increase its adjusted EBIT by 9.9% year-on-year to EUR 33.4 million in the third quarter of 2023 (Q3 2022: EUR 30.4 million). The adjusted EBIT margin improved by 2.1 percentage points year-on-year to 11.4% despite the decline in sales in the third quarter of 2023 (Q3 2022: 9.3%). In the first nine months of 2023, adjusted EBIT increased by 14.0% to EUR 110.4 million (9M 2022: EUR 96.9 million) and the adjusted EBIT margin improved by 1.4 percentage points to 11.5% (9M 2022: 10.1%).
JOST will publish its final interim results for the third quarter of 2023 on November 13, 2023. A video conference for analysts and investors will take place on the same day at 11:00 a.m. CET.
JOST Werke SE
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|Company:||JOST Werke SE|
|Phone:||+49 6102 2950|
|Fax:||+49 (0)6102 295-298|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1768423|
|End of Announcement||EQS News Service|