Sanlorenzo Q1 Net Income Rises 5.1% on Strong Order Growth

Key Financial Highlights

Sanlorenzo SpA (BIT:SL) announced a 5.1% year-over-year increase in net income to EUR 22.3 million for the first quarter of 2024. The Italian yacht manufacturer also reported a significant 25.4% jump in order intake, achieving its seventh consecutive quarter of growth.

Performance Overview

The company's EBITDA saw a 4% increase during the first quarter. Growth in net revenue was primarily supported by strong performance in the superyacht and Nautor Swan divisions. Geographically, the Americas region was a notable contributor to the positive results. The order backlog remains high, with 90% of the pipeline already sold to final clients, ensuring revenue visibility for future periods.

Future Outlook and Guidance

Looking ahead, Sanlorenzo provided a positive forecast for the full year 2024. The company expects net revenues from new yachts to be in the range of EUR 980 million to EUR 1.02 billion. Furthermore, it projects a full-year EBITDA between EUR 180 million and EUR 192 million.

Summary

Sanlorenzo's first-quarter results demonstrate sustained momentum through strong order growth and profitability. The company's robust backlog and confident full-year guidance signal a positive outlook for the luxury yacht market.

FAQ

Q: What were Sanlorenzo's key Q1 2024 results?
A: Net income grew 5.1% to EUR 22.3 million, and order intake rose 25.4% year-over-year.

Q: What is Sanlorenzo's financial forecast for 2024?
A: The company projects net revenues of EUR 980 million to EUR 1.02 billion and EBITDA of EUR 180 million to EUR 192 million.

Source: Investing.com