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Investing.com -- Cadeler As (OL:CADLR) (NYSE:CDLR) stock rose more than 2% Tuesday after the offshore wind contractor reported second-quarter results well ahead of market expectations.
Net profit rose to €166 million, sharply above the Bloomberg consensus of €56 million.
EBITDA came in at €189 million, also beating consensus of €107 million, while revenue climbed to €233 million versus expectations of €164 million.
First-half EBITDA reached €213 million, equal to 53% of the midpoint of full-year guidance.
The company reported a utilisation rate of 76.2% in the second quarter, up from 55.3% in the first quarter. For the first half overall, utilisation stood at 66.9%.
“Positive 2Q EBITDA & net profit is ahead of JEFe and materially ahead of consensus, which is yet to fully reflect the guidance upgrade on 1 July following a termination fee from Orsted,” said Jefferies analyst Jamie Franklin in a note.
Net debt increased to €1.15 billion, above consensus of €955 million, reflecting €207 million of acquisition spending in the quarter.
Cadeler said its order backlog stood at €2.5 billion, unchanged from the first quarter, with 97% linked to projects where a final investment decision has been taken.
The company also announced two new awards worth €285 million.
"This first half-year demonstrates the strength of our strategic focus and our ability to deliver, both operationally and financially, as we scale in a global market," said Cadeler CEO Mikkel Gleerup.
"Our expanding fleet, combined with the launch of Nexra, positions us to support the offshore wind sector’s growing need for both installation and long-term servicing."
Cadeler reiterated its full-year 2025 guidance following the upgrade on July 1.
“That recently upgraded guidance is reaffirmed in today’s results, with 1H EBITDA equating to 53% of FY25 guidance midpoint,” Franklin said.