MAREL HF : Encouraging improvement in profitability in Q2 but order intake still weak and thus 2024 guidance lowered
>Beats on sales and adj. EBIT (margin) but order intake weak - Due to better volume and mix and thus an improved topline and gross profit margin (36.9% vs 36.0% in Q1 and 35.1% in Q2 23) plus solid opex control (down QoQ and only modestly up YoY), Marel’s Q2 earnings are better than expected. Sales beat css by 1% (although it declined YoY by 2%) while adjusted EBIT beat css by 21% with the adjusted EBIT margin coming in at 9.6% vs 7.6% css (AOe at 7.7%). Given the pre...Marel hf is an Iceland-based holding company active within the food industry. It is primarily engaged in providing equipment, systems and services for the poultry, meat and fish processing industry. The Company activities are divided into following segments: Poultry, including processing systems for broilers, turkeys and ducks; Fish, providing equipment and system for processing whitefish an salmon; Meat, including systems and services to the red meat industry, such as deboning and trimming, case ready and bacon processing; Further Processing, including portioning and forming, marinating, coating, frying, cooking and sausage making; and More Foods, including systems and services to processing such foods as vegetables, fruit and cheese. The Company's distribution network includes sales and service units in over 30 countries. The Company operates Sulmaq Industrial e Comercial SA as subsidiary.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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