Accelleron Industries AG Improves 2024 Financial Outlook After Strong H1 Performance

Accelleron Industries AG has revised its revenue and profitability guidance for 2024, following a robust first half of the year. The company's half-year revenues reached USD 505 million, marking a 15% year-over-year growth in constant currency. This increase is largely attributed to strong performances in the marine and energy markets.

The company has updated its full-year 2024 growth guidance, now expecting a constant currency revenue increase of 9% to 12%, up from the previously anticipated 4% to 6%. Profitability, measured by the operational EBITA margin, is projected to be around 25%, an improvement from the previously forecasted 24.5%.

The growth in revenues was driven by robust merchant marine new and service business, expansion of the fuel injection factory in Torino, and large service orders. These gains counterbalanced a momentary downturn in the US gas compression business and a slight reduction in the marine low-speed service business.

Accelleron anticipates continued positive performance in the latter half of 2024. The company also reaffirmed its guidance on free cash flow conversion, net leverage, and dividend policy as outlined in March 2024.