RHI Magnesita N.V. (RHIM.L), an Austrian supplier of refractory products, systems, and services, said on Tuesday that it expects its recent merger and acquisitions will support to register an improvement in full year 2023 earnings amidst persisting weak demand.
In addition, the company added that its third-quarter adjusted EBITA was at a similar level to that achieved in first and second-quarters, as resilient pricing, the benefits of strategic initiatives and M&A offset lower sales volumes and under-absorption of fixed costs.
For the first-half, the Group had posted adjusted EBITA of 200 million euros, higher than 188 million euros, posted for the same period in 2022.
Excluding items, for full year 2023, the company now expects EBITA of at least 380 million euros against its previous expectation of 360 million euros. This revision in outlook is based on a strong third-quarter EBITA, outperformance in the delivery of M&A synergies in the year to date, and projected seasonally higher fourth-quarter cement and lime volumes.
For full year, the Group also projects that its income per share to be moderately ahead of analyst consensus.
Stefan Borgas, CEO of RHI Magnesita, said: "We are currently benefitting from the strategic investments we have made in reducing our cost base and rationalizing our production network through this period of weaker demand. As a result of success in the early stages of M&A integration and our consistent operational and financial delivery in the year to date, we are able to increase our EBITA guidance for 2023 to at least €380 million."
For the nine-month period of 2023, the company has completed six acquisitions and in total 9 in the last 24 months.
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