Dettingen/Erms (Germany), October 25, 2023 +++ Based on preliminary results, ElringKlinger AG (ISIN DE0007856023 / WKN 785602) generated revenue of EUR 451.6 million in the third quarter of 2023 (Q3 2022: EUR 464.1 million). Adjusted for currency effects, revenue grew by 0.7% or EUR 3.2 million in the period from July to September 2023. Revenue generated in the first nine months totaled EUR 1,408.1 million (9M 2022: EUR 1,329.3 million). This corresponds to growth of 5.9%. Based on the assumption of stable exchange rates, revenue expanded by 7.7%.
The Group improved its adjusted EBIT to EUR 22.7 million (Q3 2022: EUR 18.5 million), corresponding to an adjusted EBIT margin of 5.0% (Q3 2022: 4.0%). In the first nine months, the Group recorded adjusted EBIT of EUR 73.9 million (9M 2022: EUR 35.3 million). The adjusted EBIT margin thus stands at 5.2%, compared to 2.7% in the first nine months of 2022.
As regards Group revenue, the Management Board of ElringKlinger AG has revised its revenue guidance for the 2023 financial year following an updated internal revenue forecast based on higher S&P market projections. Industry data provider S&P Global Mobility had most recently revised upwards its estimates for global light vehicle production to +7.5% after 3.3% at the beginning of the year and 5.3% in mid-2023. An internal reassessment now resulted in a reduced revenue projection compared to previous forecasting, in particular due to changed year-end orders placed by customers as part of their ongoing scheduling arrangements. Against this backdrop, the Group now expects to report organic revenue growth of around 3 to 5% in 2023 (previously: "significantly above the rate of change in global light vehicle production"). As for adjusted EBIT in 2023 as a whole, the Group's outlook remains unchanged at a margin of around 5%. Expectations relating to the other key financials for 2023 have also been confirmed.
Details of additional preliminary key financials for the third quarter of 2023 can be found in a subsequent press release. The Group will publish its full financial results for the third quarter of 2023 on November 7, 2023. For a definition of adjusted EBIT, please refer to p. 117 of the 2022 Annual Report.
This release contains forward-looking statements. These statements are based on expectations, market evaluations and forecasts by the Management Board and on information currently available to them. In particular, the forward-looking statements shall not be interpreted as a guarantee that the future events and results to which they refer will actually materialize. Whilst the Management Board is confident that the statements as well as the opinions and expectations on which they are based are realistic, the aforementioned statements rely on assumptions that may conceivably prove to be incorrect. Future results and circumstances depend on a multitude of factors, risks and imponderables that can alter the expectations and judgments that have been expressed. These factors include, for example, changes to the general economic and business situation, variations of exchange rates and interest rates, poor acceptance of new products and services, and changes to business strategy.