Bekaert: Trading update for the nine months to September 2023

Trading update for the nine months to September 2023 Resilient performance in challenging markets; profit guidance for FY2023 Bekaert has delivered a resilient performance in the first nine months of 2023, despite many of our end markets remaining challenging. Sales of € 3 355 million (-13% against the same period in 2022) were lower in this period, as anticipated, from the reversal of raw material cost inflation and the normalization of energy surcharges in previous periods, and lower...

Zwevegem, 17/11/2023 (informazione.news - comunicati stampa - industria)

Resilient performance in challenging markets; profit guidance for FY2023

Bekaert has delivered a resilient performance in the first nine months of 2023, despite many of our end markets remaining challenging. Sales of € 3 355 million (-13% against the same period in 2022) were lower in this period, as anticipated, from the reversal of raw material cost inflation and the normalization of energy surcharges in previous periods, and lower volumes, partially offset by a stronger mix.

Bekaert continues to benefit from the execution of its strategy, with business selection driving price and mix improvements, alongside excellent cash conversion and cost discipline. The group is also making good progress in developing its new growth platforms and with the completion of the disposal of the Steel Wire Solutions businesses in Chile and Peru, Bekaert continues its repositioning into markets with higher growth and margin.

Highlights

Outlook
Despite the challenges in many of our end markets, Bekaert continues to benefit from actively managing pricing and business mix, and the transformational initiatives of recent years, which continue to improve operating margins, cash flow and overall business resilience. Whilst uncertainty remains for the financial year 2023, management is currently anticipating:

The Group expects the challenging demand environment to continue in most regions into Q1 2024 and Bekaert will remain focused on successfully managing these pressures, as it has done to date in 2023. The group will continue to strengthen its business fundamentals and resilience, and improve opportunities for growth, margin expansion and cash flow generation, and therefore we remain confident in our ability to deliver our strategy.

 

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