Knorr-Bremse AG (KNRRY.PK), a German manufacturer of braking systems, reported Thursday weak earnings in its first quarter with nearly stable revenues, while orders were higher than last year. Further, the company confirmed its guidance for the 2025 fiscal year.
In its first quarter, earnings per share dropped 11.6 percent to 0.84 euro from 0.95 euro last year.
EBIT dropped 14 percent to 204.2 million euros from 237.5 million euros a year ago. EBIT margin declined to 10.4 percent from 12 percent a year ago.
Operating EBIT was 236.0 million euros, down 0.9 percent from 238.2 million euros last year. Operating EBIT margin remained stable at 12.1 percent.
The consolidated revenues were 1.958 billion euros, down 0.8 percent from 1.974 billion euros a year ago. The company recorded a slight, organic increase.
The order intake, however, grew 12.5 percent to 2.38 billion euros from last year's 2.11 billion euros.
The order book increased 10.6 percent to 7.44 billion euros from 6.73 billion euros a year ago.
The very strong demand in the first quarter mainly reflects the newly acquired KB Signaling business as well as pre-emptive effects due to the current tariff issue.
Looking ahead, Knorr-Bremse continues to expect revenues between 8.10 billion euros and 8.40 billion euros, an operating EBIT margin between 12.5 percent and 13.5 percent, and free cash flow between 700 million euros and 800 million euros.
The company expects that the weakness in the American truck market should be mitigated by stronger European business. Moreover, there is higher potential for restructuring in a number of regions which now results in costs of approximately 75 million euros.
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