Things are going really well for the Danish cable manufacturer NKT, which has landed several large orders this year. In fact, things are going so well that the company has had to raise its expectations for the annual result twice so far this year, and on Monday evening, in connection with the presentation of the preliminary financial figures for the third quarter, it raised its expectations for the whole year once again.
With the adjustment, revenue is now expected to land at approximately EUR 1.85-1.9 billion (previously approximately EUR 1.8-1.9 billion) and operational EBITDA is expected to be approximately EUR 240-260 million (previously approximately EUR 215-245 million), NKT said in a company announcement.
NKT's currently unaudited results for the third quarter are revenue (standard metal prices) of EUR 501 million. euros (358 million euros in Q3 2022) and preliminary operational EBITDA for the same period is 76 million. euros (35 million euros in Q3 2022).
"The improved financial result compared to Q3 2022 was driven by satisfactory execution across the Solutions and Applications business units. In Solutions, the utilization of the expanded production capacity led to higher revenue and earnings, with continued execution of the company's record high order backlog of high-voltage projects. In Applications, stable demand within cable solutions for the distribution network led to higher revenue and earnings. Within Service & Accessories, the financial figures for Q3 were lower than the same period last year, reflecting lower activity in the cable service market," reads the announcement from NKT.
The final interim report for Q3 2023 will be published on November 8, 2023.
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