Outokumpu Oyj

Latest Results (13.01.2025):

Revenue and Sales

In the fourth quarter of 2023, Outokumpu Oyj reported sales of EUR 1,513 million, a decrease from EUR 1,895 million in the same quarter of the previous year. For the full year 2023, sales amounted to EUR 6,961 million, down from EUR 9,494 million in 2022. Stainless steel deliveries for the quarter were consistent at 450,000 tonnes, while annual deliveries decreased to 1,906,000 tonnes from 2,106,000 tonnes in 2022.

EBITDA and Profitability

Outokumpu Oyj's adjusted EBITDA for Q4 2023 was EUR 72 million, compared to EUR 110 million in Q4 2022. The full-year adjusted EBITDA was EUR 517 million, significantly lower than the EUR 1,256 million reported in 2022. The company's EBITDA for the fourth quarter was EUR 15 million, a sharp decline from EUR 103 million in the previous year, with the full-year EBITDA at EUR 416 million, down from EUR 1,248 million in 2022.

Net Result and Earnings Per Share

The net result for Outokumpu Oyj in Q4 2023 was a loss of EUR 242 million, compared to a profit of EUR 312 million in Q4 2022. For the entire year, the net result was a loss of EUR 111 million, contrasting with a profit of EUR 1,086 million in 2022. Earnings per share for the fourth quarter were EUR -0.56, down from EUR 0.69 in the same period last year, and for the full year, it was EUR -0.26, compared to EUR 2.40 in 2022.

Cash Flow and Debt

Operating cash flow for Outokumpu Oyj in Q4 2023 was EUR 236 million, down from EUR 289 million in Q4 2022. For the full year, operating cash flow was EUR 325 million, a decrease from EUR 778 million in 2022. The company reported a net debt of EUR -60 million at the end of 2023, improving from EUR 29 million at the end of September 2023, and a gearing ratio of -1.6% compared to 0.7% in September 2023.

Dividends and Share Buyback

Outokumpu Oyj's Board of Directors proposed a dividend of EUR 0.26 per share for the year 2023. In April, the company paid a dividend of EUR 152 million for 2022. Additionally, a share buyback program of EUR 50 million was launched in November 2023, with Outokumpu repurchasing a total of 2,642,455 shares during the fourth quarter. The company also completed a EUR 70 million repurchase of 13,903,534 own shares during the year.