An eventful quarter and a year with all-time-high revenues
Q4 2022 highlights
-- Organic order intake growth for the rolling 12-months period was 19%. Order intake in the quarter increased by 37% to
-- Revenues increased by 31% to
-- Adjusted operating profit (EBIT), amounted to
-- Operating profit (EBIT) amounted to
-- Adjusted earnings per share was
-- Cash flow from operating activities increased to
-- Free operating cash flow increased to
-- The Board of Directors proposes a dividend of
-- Acquired Endosmart, a nitinol expert for medical devices.
-- Commitment to set targets in line with the Science Based Targets initiative.
CEO's comment
As we conclude 2022, I am proud of what we have achieved as an organization. The year has been full of both challenges and opportunities, and we have written a new page in our history with the listing on the
We finished the year strongly and noted several major orders, of which three for Oil and Gas products and one in the Medical segment. The subdued demand we noted for low-refined products in the Industrial and Consumer segments in the third quarter, persisted in the fourth quarter, mainly in
Revenues in the fourth quarter increased organically by 14%. We improved the adjusted EBIT margin to 10.8%, compared to 9.0% for the corresponding quarter last year and we successfully offset significant cost inflation through strong price execution. Free operating cash flow improved to
We have ambitious sustainability targets, and we are aiming for industry leadership both through our operations and our offering, not least by growing our portfolio of products to enable the green transition. During the quarter we received a breakthrough order for OCTG (Oil Country Tubular Goods) tubes for use in carbon capture and storage. This is a great example of how our existing products also fit in a more sustainable world. Although we already have one of the lowest CO2 footprints in the industry, our ambition is to halve our emissions by 2030, and I am proud that we have committed to the Science Based Targets initiative (SBTi).
One of our focus areas is the profitable Medical segment. During the quarter, we received our very first major order for ultra-fine medical wire, the result of the commercialization of a new product used for remote monitoring of patients. We also acquired Endosmart, a nitinol expert for medical devices. This further expands our capabilities and increases our current addressable market.
However, we cannot escape the challenges of the current macroeconomic environment: the war in
Despite these challenges, several long-term trends work in our favor, and we will continue our focus on profitable and less cyclical segments to reduce earnings volatility. Our view of an underinvested energy sector remains intact and the prospect list for Oil & Gas projects remains solid, at the same time as we are seeing an increasing number of prospects within renewable energy. We have a strong backlog that improved significantly in the quarter and gives us confidence going into 2023.
I would like to sincerely thank all our employees for their dedicated work during the year and to thank all our customers. I would also like to welcome our new shareholders. I am looking forward to a new year of great opportunities together.
Göran Björkman, President and CEO
Conference call and webcast
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Contact details
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Phone: +46 (0) 79 060 87 17
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Phone: +46 (0) 72 145 23 42
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