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Lenzing Group Q1 2024 results: revenue up 5.7% from year ago to Euro 658.4 million, EBITDA doubles
LENZING, Austria, May 8, 2024-
The Lenzing Group, a leading supplier of regenerated cellulose for the textile and nonwovens industries, recorded a further improvement in fiber sales volumes in the first quarter of 2024. An expected recovery in markets relevant for Lenzing has to date failed to materialize. Fiber prices remained at a low level. Although the costs of raw materials and energy continued to decrease, they remained higher than in the pre-crisis 2019 year.
The Lenzing Group’s revenue rose by 5.7 percent year-on-year to EUR 658.4 mn in the first quarter of 2024. This growth is primarily attributable to higher fiber sales volumes. Earnings before interest, tax, depreciation and amortization (EBITDA) more than doubled to EUR 71.4 million in the reporting period (compared with EUR 29.7 million in the first quarter of 2023). The operating result (EBIT) was slightly positive at EUR 1.5 million (compared with minus EUR 41.4 million in the first quarter of 2023). Earnings before tax (EBT) amounted to minus EUR 17.8 million, but were also significantly better than in the same period of the previous year (minus EUR 74.2 million). Earnings per share amounted to minus EUR 0.83 (compared with minus EUR 3.03 in the first quarter of 2023). Cash flow from operating activities stood at EUR 120.7 million in the first quarter of 2024 (compared with minus EUR 47.7 million in the first quarter of 2023). At EUR 87.3 mn (compared with minus EUR 132.3 mn in the first quarter of 2023), free cash flow was positive for the third consecutive quarter, once again confirming that the measures implemented as part of the performance program to strengthen free cash flow are taking effect.
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