Industrial Trucks & Services segment
Business performance and level of orders
At 59 thousand, the number of new truck orders in the Industrial Trucks & Services segment was at virtually the same level as in the prior-year period. Order numbers were down in the EMEA and Americas regions in the first three months of the year. Market growth in the core EMEA region was subdued in the reporting quarter, which meant that order numbers were unable to reach the high level recorded in the first quarter of 2023. Order numbers in the APAC region increased significantly year on year, however.
The value of order intake fell to €1,804.0 million (Q1 2023: €1,956.5 million). This decline in the value of new orders – with order numbers virtually unchanged – is mainly attributable to the product mix of the orders placed during the reporting period. In the service business, the value of order intake increased across all main categories.
At €2,877.1 million, the value of the order book as at March 31, 2024 was lower than at the end of 2023 (December 31, 2023: €3,197.4 million), partly as a result of the high volume of unit sales. It should be noted that project-related service business in the mobile automation and intralogistics segment is included in the calculation of the order book for the first time from the 2024 reporting year onward. The volume of such orders not previously included in the order book as at December 31, 2023 amounted to €77.3 million.
in € million |
Q1 |
Q1 |
Change |
||
|---|---|---|---|---|---|
Total revenue |
2,153.1 |
2,004.8 |
7.4% |
||
EBITDA |
456.8 |
382.2 |
19.5% |
||
Adjusted EBITDA |
461.0 |
383.5 |
20.2% |
||
EBIT |
237.5 |
173.6 |
36.8% |
||
Adjusted EBIT |
239.7 |
176.6 |
35.7% |
||
|
|
|
|
||
Adjusted EBITDA margin |
21.4% |
19.1% |
– |
||
Adjusted EBIT margin |
11.1% |
8.8% |
– |
||
|
|
|
|
||
Order intake |
1,804.0 |
1,956.5 |
–152.5 |
||
Order book1 |
2,877.1 |
3,197.4 |
–320.3 |
||
|
|||||
Revenue
Total revenue in the Industrial Trucks & Services segment advanced by 7.4 percent to €2,153.1 million (Q1 2023: €2,004.8 million). Higher production output was one reason why the segment was able to increase its revenue. The positive effects of the rise in sale prices, particularly in the EMEA region, also made a significant contribution to revenue growth. The service business generated growth in all main categories, with its revenue climbing by a total of 2.1 percent.
At 47.0 percent, the proportion of the segment’s external revenue attributable to the service business was lower than in the prior-year period (Q1 2023: 49.4 percent).
Earnings
The adjusted EBIT of the Industrial Trucks & Services segment rose sharply to €239.7 million (Q1 2023: €176.6 million). The continued stability of material prices and the improvement in productivity due to the better availability of materials – coupled with revenue growth – resulted in a much higher gross margin. Consequently, the adjusted EBIT margin was in double digits again at 11.1 percent (Q1 2023: 8.8 percent). After taking into account non-recurring items and purchase price allocation effects, the segment’s EBIT increased to €237.5 million (Q1 2023: €173.6 million).
Adjusted EBITDA amounted to €461.0 million in the first three months of 2024 (Q1 2023: €383.5 million), giving an adjusted EBITDA margin of 21.4 percent (Q1 2023: 19.1 percent).