on Vitesco Technologies Group AG (isin : DE000VTSC017)
Vitesco Technologies Reports Increased Profitability Amid Market Challenges
Regensburg, August 8, 2024. Vitesco Technologies released its Q2 2024 financial results, highlighting improved profitability despite a difficult market. Sales for the quarter totaled €2.02 billion, down from €2.44 billion in Q2 2023. Adjusted EBIT rose to €81.7 million, up from €66.6 million the previous year, showing a margin increase to 4.0%.
The company reported a 9.5% decrease in H1 2024 sales compared to H1 2023. Order intake for Q2 2024 was €3.2 billion, with €1.3 billion from electrification. Free cash flow was -€387.5 million, primarily due to planned non-recurring items related to Continental.
In China, the company expanded its operations, launching battery management production to meet the growing market demand. The CEO, Andreas Wolf, noted these steps demonstrate progress in their strategy.
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