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SMT Scharf GmbH
SMT Scharf AG Reports significant Revenue and Earnings Growth
SMT Scharf AG Reports significant Revenue and Earnings Growth (credits: SMT Scharf)
- Consolidated revenue up by around 10.6 % to EUR 59.6 million in 9M 2022
- Operating profit (EBIT) jumps from EUR 2.2 million to EUR 10.3 million
- Continued high order book position of EUR 43.7 million as of the reporting date
- Business performance in international core markets significantly ahead of original expectations
- FY 2022 revenue and earnings guidance: Consolidated revenue expected in a range between EUR 86 million and EUR 87 million and EBIT in a range between EUR 11.5 million and EUR 12.5 million
SMT Scharf AG (German Securities Code (WKN) 575198, ISIN DE0005751986), a leading global provider of customized transport solutions and logistics systems for underground mining, has today published its results for the first nine months of the 2022 fiscal year. SMT Scharf reports growth in its consolidated revenue of 10.6 % to EUR 59.6 million in the first nine months of 2022 (9M / 2021: EUR 53.9 million). Profit from operating activities (EBIT) improved significantly to EUR 10.3 million in the first three quarters of 2022 compared with EUR 8.1 million in the prior-year period.
Hans Joachim Theiss, CEO of SMT Scharf AG, comments: “We achieved a positive direction in business overall over the first nine months of 2022. Despite the continuing high level of uncertainty and volatility in the market environment, activities in international core markets, in particular, were ahead of our previous expectations. In the important mining market of China, where we are meeting demand for energy- and emission-efficient machines with our newly developed DZK3500, we continue to identify positive market sentiment towards our company. We also encountered high demand for underground mining equipment for raw materials from Russia-based mining companies during the reporting period.”
In the new equipment business, revenue of EUR 32.2 million was generated in the first nine months of 2022, corresponding to 19.3 % growth year-on-year period and largely reflecting high demand for transport solutions in the Chinese market. In the spare parts and service business, revenue of EUR 26.4 million in the first nine months of 2022 was at the level of the prior-year period.
SMT Scharf generated revenue of EUR 52.3 million in the rail systems product area in the first nine months of 2022 (9M / 2021: EUR 48.3 million). The chairlifts product area achieved significant revenue growth of 66.6 % to EUR 3.8 million in the reporting period. While the rubber-tyred vehicles area recorded a slight decrease from EUR 0.3 million to EUR 1.9 million in the first nine months of 2022, the other products area performed well with revenue of EUR 1.6 million (9M / 2021: EUR 1.1 million).
The China region remains the SMT Scharf Group’s most important sales market, accounting for 36.5 % of total revenue in the first nine months of 2022. Revenue in Russia posted further significant growth by 66.7 % to EUR 16.0 million in the reporting period. High demand from Russia-based mining companies for underground mining equipment for raw materials made a major contribution to this revenue growth. In Germany, revenue was up by 26.7 % to EUR 1.9 million in the reporting period (9M / 2021: EUR 1.5 million).
New order intake amounted to a total of EUR 76.1 million in the first three quarters of 2022, reflecting year-on-year growth of 43.3 % (9M / 2021: EUR 53.1 million). The order book position stood at EUR 43.7 million as of September 30, 2022.
Hans-Joachim Theiss went on to comment: “Be it innovative, low-emission diesel cats for the coal mining industry worldwide – which remains an important business – or specific transport solutions for rail-bound passenger transport in tunnels, with our range of modular solutions for underground transport and logistics and our high-performance supply chain management, we believe SMT Scharf is well positioned for the current challenging market environment. By continuing to address future topics such as predictive maintenance and our range of electric-powered vehicles for mining, we aim to further consolidate our market position despite the more difficult conditions in the short term.”
On the basis of updated guidance for the 2022 fiscal year, SMT Scharf AG announced on October 12, 2022 that it expects revenue and earnings to increase year-on-year, and as a consequence is likely to significantly exceed analysts’ estimates available at this time. Accordingly, the Managing Board anticipates consolidated revenue in a range between EUR 86.0 million and EUR 87.0 million for the 2022 fiscal year. In addition, a profit from operating activities (EBIT) in a range between EUR 11.5 million and EUR 12.5 million is forecast.
Source: SMT Scharf
Download the complete report for the third quarter of 2022
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