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Investing.com -- Strabag SE (VIE:STRV) on Monday set a new earnings record in 2024, overcoming a slowdown in building construction with strong infrastructure demand.
The European construction group reported an output volume of €19.24 billion for the year, a 1% increase from €19.14 billion in 2023.
Revenue fell 1% to €17.42 billion from €17.67 billion a year earlier. The order backlog rose 8% to a record €25.36 billion, supported by projects in infrastructure, energy and high-tech production, particularly in the semiconductor sector.
Earnings before interest, taxes, depreciation and amortization climbed 16% to €1,644.18 million, raising the EBITDA margin to 9.4% from 8%.
Earnings before interest and taxes grew 21% to €1.06 billion, pushing the EBIT margin to 6.1% from 5%.
Strabag SE said the higher margin reflected strong performance in its North + West division and fewer negative effects from international projects.
Net interest income nearly doubled to €75.42 million from €44.13 million, benefiting from high interest rates and a strong cash position. The income tax rate fell to 27.2%, driven by improved tax relief on large-scale projects.
Net income after minority interests increased 31% to €823 million, compared to €630.51 million the previous year.
Earnings per share rose to €7.35 from €6.30. The company’s workforce grew slightly to 78,174 employees from 77,136. Strabag SE’s board proposed a dividend of €2.50 per share for 2024, up from €2.20.
The Austria-based company forecasts an output volume of around €21 billion in 2025, supported by its record order backlog and recent acquisitions. They have also increased their EBIT margin target for the year to at least 4.5%.