on EDAG Engineering Group AG (isin : CH0303692047)
EDAG Engineering Group AG Revises 2024 Forecast Amid Market Challenges
In the first nine months of 2024, EDAG Engineering Group AG reported revenue of 633.9 million Euros, marking a 0.9% increase from the previous year. However, the adjusted EBIT fell by 8.0 million Euros to 33.1 million Euros, resulting in a decreased margin of 5.2% from the prior year's 6.5%.
The decline in Q3 2024 is attributed to a tense market situation, including delays in project commencements, particularly with a major client. As a response, EDAG has announced restructuring measures costing between 25 to 35 million Euros, aiming to stabilize the cost base without affecting the adjusted EBIT, though it will impact earnings after taxes in 2024.
The company anticipates lower revenue growth and adjusted EBIT margin targets for 2024 due to continued caution in order placements, especially in Germany, and challenging market conditions. Strategic global measures are underway to enhance future competitiveness and growth. The Q3 2024 financial report is set to be released on November 7, 2024.
R. H.
Copyright © 2024 FinanzWire, all reproduction and representation rights reserved.
Disclaimer: although drawn from the best sources, the information and analyzes disseminated by FinanzWire are provided for informational purposes only and in no way constitute an incentive to take a position on the financial markets.
Click here to consult the press release on which this article is based
See all EDAG Engineering Group AG news