Aker Solutions ASA: First quarter results 2024 - Aker Solutions delivers a solid first quarter

Rhea-AI Summary

Aker Solutions ASA reported strong revenue growth and improved profitability in the first quarter of 2024 compared to the same period last year. The company achieved revenue of NOK 11.5 billion, EBITDA of NOK 987 million, and an EBITDA margin of 8.6 percent. Order intake was NOK 7.0 billion with an order backlog of NOK 68.7 billion. The CEO highlighted solid operational performance and project execution. The outlook is positive with a high order backlog and expected revenue increase for 2024.

Positive

• Strong revenue growth and improved profitability in 1Q 2024.
• Revenue of NOK 11.5 billion, EBITDA of NOK 987 million, EBITDA margin of 8.6 percent.
• Order intake of NOK 7.0 billion and order backlog of NOK 68.7 billion.
• CEO praised solid operational performance and project execution.
• Positive outlook with high order backlog and expected revenue increase for 2024.

Negative

• None.

OSLO, Norway, April 25, 2024 /PRNewswire/ -- Aker Solutions has delivered strong revenue growth and improved profitability in the first quarter of 2024 compared to the same period last year. With a solid backlog and high tendering activity, the company is well positioned for future profitable growth.  

1Q, 2024 Financial Highlights  
(all figures excluding special items)         

• Revenue NOK 11.5 billion  
• EBITDA NOK 987 million     
• EBITDA margin 8.6 percent     
• Earnings per share NOK 1.40  
• Order intake NOK 7.0 billion (0.6 times book-to-bill)  
• Order backlog NOK 68.7 billion  

"We continue to see growth in revenues and profitability as we make good progress on our project portfolio. This highlights the strength of our project execution model, and I am pleased with the overall performance in the quarter," said Kjetel Digre, Chief Executive Officer of Aker Solutions.  

Key developments 

Revenue in the first quarter increased to NOK 11.5 billion compared to NOK 7.1 billion in the first quarter of 2023, representing a growth of 61 percent. EBITDA increased to NOK 987 million, compared to NOK 247 million in the same quarter last year. This was driven by solid operational performance, as well as large oil and gas projects in Norway reaching profit recognition milestones in the quarter.   

Order intake for the quarter ended at NOK 7.0 billion, or 0.6 times book-to-bill. The secured order backlog at the end of the quarter stood at NOK 68.7 billion.  

Including financial investments in liquid funds, not treated as cash under IFRS, the net cash position was NOK 9.4 billion at the end of the quarter.  

Outlook and financial guiding  

The outlook remains positive for Aker Solutions. The high order backlog, mainly made up of projects to be executed in the well-proven alliance model with Aker BP with balanced risk-reward profile and upside potential through shared incentives, offers good visibility on activity levels going forward.   

Based on the secured backlog and market activity, full year revenue in 2024 is now expected to increase about 30 percent compared to 2023. The underlying EBITDA margin, excluding net income from OneSubsea, is expected to be in the 6-7 percent range for the full year of 2024.   

ENDS

CONTACT:

Preben Ørbeck
Investor Relations
preben.orbeck@akersolutions.com 
+47 470 10 611

Hallvard Norum
Media Contact
hallvard.norum@akersolutions.com 
+47 913 80 820

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-solutions-asa/r/aker-solutions-asa-first-quarter-results-2024--aker-solutions-delivers-a-solid-first-quarter,c3967366

The following files are available for download:

https://mb.cision.com/Public/18353/3967366/9be8f4a0d4cc07ce.pdf

1Q-2024-Presentation

 

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SOURCE Aker Solutions ASA

FAQ

What was Aker Solutions' revenue in the first quarter of 2024?

Aker Solutions reported revenue of NOK 11.5 billion in the first quarter of 2024.

What was the EBITDA for Aker Solutions in 1Q 2024?

Aker Solutions recorded an EBITDA of NOK 987 million in the first quarter of 2024.

How much was Aker Solutions' order intake in the first quarter of 2024?

Aker Solutions had an order intake of NOK 7.0 billion in the first quarter of 2024.

What is the order backlog of Aker Solutions as of the end of the first quarter of 2024?

Aker Solutions' order backlog was NOK 68.7 billion at the end of the first quarter of 2024.

What is the CEO's opinion on the company's performance in 1Q 2024?

The CEO of Aker Solutions praised the solid operational performance and project execution in the first quarter of 2024.

What is the outlook for Aker Solutions in 2024 based on the PR?

Aker Solutions has a positive outlook for 2024 with a high order backlog and expected revenue increase.

What percentage did Aker Solutions' revenue grow in 1Q 2024 compared to 1Q 2023?

Aker Solutions' revenue grew by 61 percent in the first quarter of 2024 compared to the same period in 2023.

What is the net cash position of Aker Solutions at the end of 1Q 2024?

Aker Solutions had a net cash position of NOK 9.4 billion at the end of the first quarter of 2024.