Marel: Preliminary results for Q2 2022 show new record in orders received of EUR 472m, revenues of EUR 397m and operational performance of 6.3% EBIT
Marel: Preliminary results for Q2 2022 show new record in orders
received of EUR 472m, revenues of EUR 397m and operational
performance of 6.3% EBIT
Marel’s preliminary and unaudited financial results for 2Q 2022
show new record in orders received of EUR 472m (2Q21: 371m) and
revenues of EUR 397m (2Q21: 328m). In the quarter, the Wenger
acquisition contributed EUR 17m to orders received and EUR 12m to
revenues. The preliminary order book of EUR 775m (Mar22: 619m and
Jun21: 499m), including the acquired order book from Wenger and
Sleegers of EUR 81m, is at a record high.
Operational performance is below expectations resulting in a
preliminary EBIT* margin of 6.3% in the quarter (2Q21: 11.8%).
Wenger contributed positively to operational performance. In light
of continued supply chain disruption and inflation at high levels
leading to slower ramp up of revenues than originally planned,
Marel is taking firm actions to improve operational performance
towards the year-end 2023 targets.
To lower costs the difficult decision has been made to reduce
headcount by 5% across the global Marel workforce, resulting in
estimated annualized cost saving of EUR 20m with one-off cost of
around EUR 10m. The strong order book and the full benefit of
pricing actions will support gradual ramp up in revenues and
improve price/cost coverage and operational performance in the
second half of 2022, as stated in the Q1 2022 financial
The pipeline remains strong fueled by pioneering solutions and
scale up in local sales and service coverage globally initiated
ahead of the growth curve. Demand from the poultry and fish
industries is on a strong run rate, while the outlook for meat is
softer and will impact the industry mix. In this inflationary
environment with rising commodity prices, labor scarcity and
shifting consumer behavior, Marel is uniquely positioned to support
the food industry with the use of robotics and digital solutions
that enable more automation, safety and traceability.
The preliminary results are unaudited and subject to change.
Marel will release its Q2 2022 financial statements after market
closing of both NASDAQ Iceland and Euronext Amsterdam as scheduled
on 27 July 2022.
* Operating income adjusted for PPA related costs, including
depreciation and amortization, and acquisition related costs.
Q2 2022 investor
meeting on 28 July at 10.30 CET
On 28 July 2022, at 10.30am CET (8:30 am GMT), Marel will host a
virtual investor meeting where CEO Arni Oddur Thordarson and COO
Linda Jonsdottir will give an overview of the Q2 2022 financial
results and operational highlights.
The investor presentation is broadcast live on
www.marel.com/webcast and recordings will be available after the
meeting on marel.com/ir. Members of the investment community
can also join the investor meeting through conference call. Details
for the webcast and conference call will be published later this
For further information, please contact Marel Investor Relations
via email firstname.lastname@example.org or tel. +354 563 8001.
Marel (NASDAQ: MAREL; AEX: MAREL) is a leading global provider
of advanced food processing equipment, systems, software, and
services to the poultry, meat and fish industries. In line with its
2017- 2026 growth strategy, Marel has gradually expanded its
business model into adjacent industries, where most recently the
acquisition of Wenger has added a fourth pillar focused on pet
food, plant-based protein and aqua feed. Our united team of 7,000+
employees in over 6 continents delivered EUR 1.4 billion in
revenues in 2021. Annually, Marel invests around 6% of revenues in
innovation. By continuously transforming food processing, we enable
our customers to increase yield and throughput, ensure food safety
and improve sustainability in food production. Marel was listed on
NASDAQ Iceland in 1992 and dual-listed on Euronext Amsterdam in
June 2019. For further information, please visit marel.com/ir.
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