KION Group Boosts Profitability in H1 2024

Frankfurt am Main, July 31st, 2024 – KION Group reported a significant increase in profitability for the first half of 2024. Total revenues rose by 2 percent to € 5.736 billion compared to € 5.617 billion in H1 2023. Adjusted EBIT saw a substantial 28 percent improvement, reaching € 447 million. This growth resulted in an adjusted EBIT margin of 7.8 percent, up from 6.2 percent in the same period last year.

The company attributed these gains to improvements in both its Industrial Trucks & Services and Supply Chain Solutions segments. The Industrial Trucks & Services segment reported a 4.1 percent increase in revenue to € 4.306 billion, while its adjusted EBIT rose to € 470.7 million. Conversely, the Supply Chain Solutions segment experienced a revenue decline to € 1.451 billion, although its adjusted EBIT almost tripled to € 42.1 million.

KION Group’s net income grew 24.1 percent to € 181.7 million, translating to undiluted earnings per share of € 1.35. Despite a dip in free cash flow to € 202.2 million from € 228.8 million, the company remains optimistic about its outlook for the remainder of the year.

CEO Rob Smith highlighted the company's strategic positioning and broad product range as key drivers for future success, even as market conditions show slower recovery rates. The outlook for 2024 has been confirmed with narrowed guidance ranges, expecting revenue between € 11.3 and € 11.7 billion and adjusted EBIT between € 830 and € 920 million for the Industrial Trucks & Services segment.