The following is a summary of the Orkla ASA (ORKLY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Operational improvements across Orkla's portfolio bolstered a strong Q1 2024.
Positive volume growth of 1% noted, despite the altering Easter timings.
Adjusted earnings per share grew by 14% to NOK 1.5 per share.Operating revenues increased by 6% in Q1 due to organic sales growth and currency translation effects.
EBIT adjusted grew 15% despite negative impacts of Easter dates.
Net interest-bearing debt of NOK 18.4 billion was seen at quarter end.
Business Progress:
Full potential plans execution across all portfolio companies showcased positive momentum.
A sales growth is projected in 2024 for Jotun, despite significant currency loss.
Significant recovery from a negative EBIT impact in 2023 is expected at the new biscuit factory in Latvia.
Orkla is looking to relinquish its 40% shares in Orkla Food Ingredients.
The company is on par with the targets set in the Capital Markets Day last year and aims for an annual total share return of 12% to 14%.
Volumes for Orkla Foods Europe and in Confectionery & Snacks categories showed notable recovery.
The company is in line with the CMD targets to increase margins by 150-200 basis points by end of 2026, with Q1 results revealing a 1 percentage point improvement.
More details: ORKLA ASA SPON ADR EACH REP 1 COM SHS CL A IR
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