Bilfinger SE’s shares were gaining more than 2 percent in the morning trading in Germany after the Industrial services provider Monday confirmed its fiscal 2023 forecast after reporting higher profit and revenues in its third quarter.<\/p>\n
The company noted that demand is stable across all regions and industries, while there is skepticism in the market regarding the German economy<\/span>. Bilfinger said it sees a positive development worldwide, for its core business<\/span>, the improvement of efficiency and sustainability of industrial plants.<\/p>\n As announced earlier, Bilfinger expects average annual market growth of around two percent across its core industries and regions in the coming years. <\/p>\n Group CEO Thomas Schulz said, “We are executing our strategy. The focus is on boosting EBITA and cash flow. As planned, we have almost completed the efficiency program. It will take full effect from 2024. Business development in the past quarter confirms our goal of becoming the No. 1 in improving efficiency and sustainability for our customers.”<\/p>\n Looking ahead for fiscal 2023, Bilfinger continues to expect revenue of between 4.30 billion euros and 4.60 billion euros, compared to last year’s 4.31 billion euros.<\/p>\n The Group’s profitability is still expected to increase, with an EBITA margin of 3.8 percent to 4.1 percent, compared to last year’s 1.8 percent on a reported basis and 3.2 percent on an adjusted basis.<\/p>\n The company further said its efficiency program will be completed by the end of 2023 and the acquisition of Fluor’s industrial services business Stork in the Netherlands and Belgium will strengthen its core business.<\/p>\n In its third quarter, net profit increased 67 percent to 37 million euros from prior year’s 22 million euros. Earnings per share were 0.98 euro, up from prior year’s 0.56 euro.<\/p>\n The EBITA margin improved to 5.1 percent from last year’s 3.4 percent, with positive contributions from all segments.<\/p>\n EBITDA, a key earnings metric, grew 26 percent from last year to 77 million euros.<\/p>\n Group revenue grew 4 percent to 1.12 billion euros from 1.08 billion euros a year ago. Organically, revenues increased 7 percent.<\/p>\n A planned decrease in USA due to the completion of assembly projects was more than offset by double-digit growth at E&M Europe and Technologies. <\/p>\n Meanwhile, orders received fell 8 percent to 1.03 billion euros from 1.12 billion euros last year due to repositioning in USA. Organic decrease was 5 percent. The company recorded stable performance at E&M Europe and Technologies.<\/p>\n The order backlog grew 5 percent on a reported basis and 12 percent organically to 3.38 billion euros.<\/p>\n In Germany, Bilfinger shares were trading at 36.16 euros, up 2.32 percent.<\/p>\n For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com. <\/p>\n