Danish engineering company FLSmidth reported a 23% Q2 2024 revenue decline with increased gross profit and maintained 2024 financial guidance.
Danish engineering company FLSmidth reported a 23% decrease in group revenue for Q2 2024, with gross profit up 5% to $233m. Mining revenue fell 13%, while Cement revenue dropped 32%. Despite the decline, adjusted EBITA margins reached 13.1% for Mining and 9.6% for Cement. The company maintained its financial guidance for 2024, attributing the decline to market softness, de-risking strategies, and customer hesitancy. CEO Mikko Keto expressed confidence in meeting long-term financial ambitions due to the service-oriented business model, business simplification focus, and strategy execution.
August 15, 2024
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