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CAPITAL GOODS: KION (NR/BBB-[N]/BBB): Preliminary 4Q24 Results

CAPITAL GOODS
Credit BulletsCEEMEAEurozoneGermanyBullet

Marginal credit positive.

  • Kion reported preliminary 4Q revenue 2% ahead of consensus.
  • Adj. EBIT is seen 16% better than expected. Margin of 8% was 90bp ahead with a strong YoY improvement.
  • FCF is expected to be €271mn, vs €223mn expected.
  • An efficiency program was announced, targeting €140-160mn annual savings by 2026, with one-off costs expected in the €240-260mn range, impacting FCF this year. The savings would be around 8% of adj. EBITDA.
  • A 4% drop YoY in order intake, in line with consensus, demonstrates the weak macro environment in Europe behind that.
  • FY24 results are due 27th February.
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Marginal credit positive.

  • Kion reported preliminary 4Q revenue 2% ahead of consensus.
  • Adj. EBIT is seen 16% better than expected. Margin of 8% was 90bp ahead with a strong YoY improvement.
  • FCF is expected to be €271mn, vs €223mn expected.
  • An efficiency program was announced, targeting €140-160mn annual savings by 2026, with one-off costs expected in the €240-260mn range, impacting FCF this year. The savings would be around 8% of adj. EBITDA.
  • A 4% drop YoY in order intake, in line with consensus, demonstrates the weak macro environment in Europe behind that.
  • FY24 results are due 27th February.