Record Series Production in August and September provides positive outlook for strong finish to 2023
Third Quarter 2023
· Revenue for Period:
· Operating Result:
· Earnings per Share:
· Cashflow from Operations:
· All-time high of 4.5 million annualised Engine Equivalents in September
· Record production of 4.2 million annualised Engine Equivalents in third quarter, provides tenth consecutive quarter of production increase
Year-to-Date 2023
· Revenue for Period:
· Operating Result:
· Earnings per Share:
· Cashflow from Operations:
· Dividend Payments: Second installment of
· Installed Base: 56 (57) installations, (25 (25) fully automated systems, 24 (25) mini-systems and seven (seven) tracking systems) in 13 (13) countries
CEO Message
Strong Production, Strong Outlook
Reflecting on our journey over the last thirty years, the third quarter stands out as a highlight. After celebrating our achievement of the four million Engine Equivalent milestone in June, the third quarter started strong with our highest July on record. The momentum continued to increase, with consecutive monthly records of 4.3 million annualised Engine Equivalents in August and 4.5 million in September. Ultimately, annualised production for the third quarter finished at 4.2 million Engine Equivalents, providing a new quarterly record, 17% year-on-year growth and marking our tenth consecutive quarter of year-on-year growth.
The recent strong production also boosts the full-year outlook. At the three-quarter point, year-on-year series production is up 7.5% and, with two months left in the year, the current production provides the opportunity to post yet another year of double-digit series production growth.
Consumable shipments were also strong during the third quarter, up 40% compared to the year-ago quarter. Initially, year-on-year consumable shipments were down 32% at the end of the first quarter, as key customers reduced stock levels following the post-Covid normalisation of supply chains. However, the recent strong demand has pulled the year-to-date volume 2% ahead of 2022. In total 145,600 Sampling Cups have been shipped year-to-date, with 63,000 units accounted for in the third quarter.
Together, the increases in series production and consumables sales, combined with favourable exchange rates, resulted in a 35% quarterly increase in year-on-year revenue and a 15% increase in year-to-date revenue. The strong growth in series production and consumables sales also resulted in a 27% increase in year-on-year recurring revenue to
Production was strong on all fronts in September, with increased volume for the new
At the outset of the strike,
During the quarter, in-house activities intensified to strengthen the supply base to support the future market growth. The activities are related to the ordering of tooling for the production of the patented Sampling Cup, including new tooling at the current sole supplier in
Upturn in Installation Activities
The initial commissioning of the System 4000 CGI installation at the Dongfeng Auto foundry in
Climate Contribution
The third quarter volume corresponds to the production of approximately 300,000 vehicles, of which more than 95% are commercial vehicles, pick-up trucks and off-road equipment. Throughout their service lives, these fuel-efficient vehicles will contribute to the cumulative saving of more than three million tonnes of CO2. At the three-quarter point, we forecast that our total CO2 contribution for full-year 2023 will be more than nine million tonnes. This will increase our cumulative savings to approximately 59 million tonnes, bringing us another step closer to our five-year target of saving 100 million tonnes of CO2. In perspective, Tesla reported combined CO2 saving from its global fleet of cars, energy storage systems and solar panels of 13.4 million tonnes in 2022.
Succession Plan Announced
On 20 September,
For more information:
Dr.
President & CEO
Office: +46 150 794 40
Mobile: +44 771 002 6342
e-mail: steve.dawson@sintercast.com
website: www.sintercast.com
CIN: 556233-6494
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