April 26, 2024 09:34 GMT
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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