Hexagon Composites ASA: Third quarter 2024
Hexagon Composites ASA: Third quarter 2024 |
| [07-November-2024] |
OSLO, Norway, Nov. 7, 2024 /PRNewswire/ -- 7 November 2024: Hexagon Composites (OSE: HEX.OL), world leader in composite cylinder technology and related systems for storage and transportation of clean gaseous energy reported revenues of NOK 1 250 million for third quarter 2024 (Q3'23: 1 148 million). The reported EBITDA was NOK 184 million (Q3'23: NOK 120 million), resulting in a 15% EBITDA margin (Q3'23: 10%). "Hexagon Group delivered a record-high EBITDA of NOK 184 million this quarter, thanks to significant operational efficiency improvements alongside increased heavy-duty truck activity in Hexagon Agility's fuel systems business," says Jon Erik Engeset, Group CEO of Hexagon Composites. "In Q3, despite overall overcapacity headwinds in the freight industry, we saw a nearly 40% increase in heavy duty truck sales compared to Q2, with high activity from several new RNG fuel adopters coming online." Outlook Complemented by a healthy backlog of orders, we expect Hexagon Group's improved margins and overall profitability to finish off 2024 at a strong level. In the years ahead, global decarbonization targets and the economic competitiveness of compressed renewable natural gas (RNG) are expected to drive the growth and higher volumes for our Mobile Pipeline and fuel systems businesses. Hexagon Agility's order book is expanding with customers new to RNG trucking. The new orders include over 30 leading Class 8 fleets of which 40% are new adopters of RNG. The breadth of fleets piloting and placing new orders, and the continued high quoting activity, signifies that the market is embracing this technology as expected. The anticipated rise in demand for sustainable solutions in heavy-duty transport and gas distribution, lays a strong foundation for Hexagon's future success. For further details, please see the attached third quarter 2024 report and presentation. Presentation of the results today at 08:30 am CET The presentation will also be broadcast live via: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241107_3 For more information: Karen Romer, SVP Communications, Hexagon Composites ASA About Hexagon Composites ASA This information was brought to you by Cision http://news.cision.com https://news.cision.com/hexagon-composites-asa/r/hexagon-composites-asa--third-quarter-2024,c4062558 The following files are available for download:
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Company Codes: Bloomberg:HEX@NO, ISIN:NO0003067902, Oslo:HEX, RICS:HEX.OL |
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