Things are going really well for the Danish cable manufacturer NKT, recently in connection with a company announcement regarding the preliminary financial figures for the third quarter, the company upgraded its expectations for the full year. With the upgrade, revenue is now expected to land at approximately 1.85-1.9 billion euros (previously approximately 1.8-1.9 billion euros) and operational EBITDA is expected to be approximately 240-260 million euros (previously approximately 215-245 million euros).
The good trends indicated by the preliminary financial statements were finally confirmed on Wednesday in connection with the presentation of the audited financial statements for the third quarter. In the quarter, NKT's revenue (in standard metal prices) increased by 143 million euros compared to
the third quarter of 2022, and ended at 501 million euros, corresponding to 44 percent organic growth.
- For the fourth consecutive quarter, we achieved double-digit growth in revenue and operational EBITDA, driven by capacity expansions, satisfactory project execution and continued growth in our Solutions and Applications business units, says Claes Westerlind, CEO of NKT, regarding the financial statements.
The improvement was due to increased revenue in 'Solutions and Applications', where satisfactory execution and previous investments in increased production and installation capacity drove the majority of the quarter's growth. Within 'Service and Accessories', revenue decreased, reflecting lower activity in the cable repair market compared to Q3 2022, NKT informs.
The positive trends in Solutions and Applications have also led to an increase in NKT's operational EBITDA to 76.5 million euros in Q3 2023 against 35.2 million euros. in Q3 2022, which is the highest level ever in a single quarter.
NKT can also note that the order backlog grew in the third quarter to a new record high of EUR 11.0 billion (EUR 9.6 billion in standard metal prices). This was driven by the award of a framework agreement and five cable projects from the German network operator 50Hertz. The five projects have a total value of approximately EUR 3.5 billion.
amp
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
