EQS-News: KION Group off to a strong start in fiscal year 2023
EQS-News: KION GROUP AG
/ Key word(s): Change in Forecast/Preliminary Results
KION Group off to a strong start in fiscal year 2023
Frankfurt am Main, April 19, 2023 – Based on preliminary figures, the KION Group recorded better-than-expected business performance in the first quarter of 2023 thanks to the Industrial Trucks Services (ITS) segment. The significant increase in adjusted EBIT in the ITS segment to an expected €177 million (previous year: €114.2 million) mainly reflected the improving supply chain situation and pull-forward benefits from operational and commercial agility. As a result, the preliminary adjusted EBIT margin for ITS rose to 8.8 percent (previous year: 6.6 percent). Accordingly, the KION Group's adjusted EBIT was better than expected. "The strong development in the ITS segment shows that the measures we have introduced are taking effect. That is why we have raised our outlook. The Group is well on the way to sustainably increasing profitability," said Rob Smith, CEO of KION GROUP AG. The development of revenue and adjusted EBIT at SCS was in line with KION Group expectations. Order volumes in the SCS segment were significantly lower than the prior year level due to continued restraint in customers' investment decisions causing delays in new orders. Free cash flow is expected to be clearly positive at €105 million (previous year: €-432.6 million). In addition to operating profit, stable net working capital compared with year-end 2022 was a major contributory factor. Due to the strong first quarter at ITS, the Executive Board of KION GROUP AG has adjusted the outlook for fiscal year 2023 for the Group and for the ITS segment as follows:
KION Group’s key performance indicators for the first quarter, which ended March 31, 2023 (preliminary results)
The Company The KION Group is one of the world’s leading providers of industrial trucks and supply chain solutions. Its full spectrum of services includes industrial trucks, such as forklift trucks and warehouse trucks, as well as integrated automation technologies and software solutions for the optimization of supply chains—including all related services. The KION Group’s solutions ensure the smooth flow of materials and information in customers’ warehouses, production plants, and distribution centers in over 100 countries. The MDAX-listed group is the largest manufacturer of industrial trucks in the EMEA region based on the number of units sold in 2021. Based on revenue for the year 2021, the KION Group is the leading overseas manufacturer in China, and including domestic manufacturers, the third-largest supplier there. The KION Group is also one of the world’s leading warehouse automation providers, based on 2021 revenue. At the end of 2022, more than 1.7 million industrial trucks from the KION Group were in use by customers from all manner of sectors and of varying sizes on six continents. The Group currently employs over 41,000 people and generated revenue of approx. €11.1 billion in the 2022 financial year. You can access up-to-date image material for the KION Group via our image database https://mediacenter.kiongroup.com/categories as well as on our respective brands’ websites. (fgr) Disclaimer Further information for media representatives Christopher Spies Further Information for Investors
Raj Junginger Additional features: Picture: https://eqs-cockpit.com/c/fncls.ssp?u=29ebb685f4bb83d516bebb4a214cd2b6 Subtitle: File: KION Group_Press Release_Q1_prelim
19.04.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | KION GROUP AG |
Thea-Rasche-Straße 8 | |
60549 Frankfurt/Main | |
Germany | |
Phone: | +49 69 20110-0 |
E-mail: | [email protected] |
Internet: | www.kiongroup.com |
ISIN: | DE000KGX8881 |
WKN: | KGX888 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1611859 |
End of News | EQS News Service |
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1611859 19.04.2023 CET/CEST
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