Q1 Lenzing Group Revenues Increase 5.7% To €658.4 Million
Lenzing Group revenues rose by 5.7 percent year-on-year to €658.4 million in the first quarter of 2024, which it attributed to higher fibre sales volumes.
Earnings before interest, tax, depreciation and amortization (EBITDA) more than doubled to €71.4 million in the reporting period compared with €29.7 million in the first quarter of 2023.
“The operating result (EBIT) was slightly positive at €1.5 million as against a negative EBIT of 41.4 million in the first three months of 2023,” the producer of regenerated cellulose fibres said in a press release.
Loss before tax (EBT) amounted to €17.8 million, which was significantly better than in the same period of the previous year when loss before tax stood at 74.2 million.
The Austrian company also managed to substantially decrease its loss per share to €0.83 in the reporting quarter vis-à-vis loss per share of €3.03 in the corresponding period of earlier year.
In the first three months of ongoing year, cash flow from operating activities stood at €120.7 million in the first quarter of 2024 versus a negative cash flow of €47.7 million in the first quarter of 2023.
“The business development of the Lenzing Group is heading in the right direction in the first quarter of 2024,” Lenzing Group CEO Stephan Sielaff said.
“However, we cannot speak of a sustainable market recovery as long as price pressure in the fibre business remains high,” Sielaff observed.
“Nevertheless, improved business performance and good demand for our specialty fibers show that we are also making good progress, especially with our initiatives to strengthen our sales activities,” he added.
Sielaff further said that they are not awaiting a tailwind from the market, but are continuing to implement their performance program with determination.
