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Traton (Baa2/BBB): 1Q24 Results

CAPITAL GOODS

Strong results, guidance affirmed but upgrades later in the year seem feasible. Marginal positive for spreads


• Revenue and EBITDA beat by 7% and 32% (3 data points); operating income beat by 14%.

• Cash flow looks a little light at €438mn for the quarter.

• Net debt reduced by €300mn from Q423.

• 2024 guidance was affirmed. Orders were also healthy.

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