Kongsberg Automotive Holding ASA ( (KGAUF) ) has released its Q3 earnings. Here is a breakdown of the information Kongsberg Automotive Holding ASA presented to its investors.
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Kongsberg Automotive Holding ASA is a global provider of products to the automotive and commercial vehicle industry, operating primarily in the automotive sector with a strong presence in Europe and the Americas.
Kongsberg Automotive’s third-quarter earnings report for 2024 reveals that despite decreased demand and lower revenues, the company has managed to offset these challenges with cost reductions and operational efficiencies. The company reported revenues of MEUR 181.6, marking a 16.9% decrease compared to the previous year, and an EBIT of MEUR 1.1.
The company reported significant cost savings of MEUR 17 in 2024 and expects additional savings of at least MEUR 10 starting in the third quarter of 2025. Notably, Kongsberg Automotive has achieved record new business wins totaling MEUR 1,231 year-to-date, reflecting its strong alignment with customer needs and a resilient product portfolio. The EBIT margin for the first nine months of 2024 rose to 2.9%, up from 0.1% the previous year, driven by a reduced cost base despite lower revenue levels.
Looking ahead, the company remains focused on improving profitability and efficiency in response to market conditions, with a revised guidance expecting a relatively flat market in early 2025. Kongsberg Automotive aims to achieve revenues above EUR 1.0 billion and an EBIT margin of 8.5% or higher by 2028.
