KION Group Reports Increased Revenue and Earnings in Q1 2024

KION Group AG announced a positive start to 2024 with a 2.8% increase in revenue and improvements in earnings. The Frankfurt-based company recorded revenues of €2.859 billion and adjusted EBIT of €226.7 million in the first quarter, signaling a robust improvement from the previous year. The adjusted EBIT margin also surged to 7.9%, up from 5.6% in the first quarter of 2023.

In specific segments, the Industrial Trucks & Services saw revenue growth of 7.4% to €2.153 billion, while the Supply Chain Solutions segment experienced an 8.1% decline in revenue to €718.9 million. Despite a drop in project business order intake, there was a significant revenue increase in the service business across segments.

KION's CEO, Rob Smith, highlighted the improvement in profitability across the group, stating the quarter as laying a strong foundation for meeting full-year guidance. Notably, the group confirmed its financial outlook for 2024, projecting revenues between €11.2 billion and €12 billion and adjusted EBIT between €790 million and €940 million.

Overall, KION’s strong quarter was marked by notable rises in revenue and profit margins driven by favorable product mixes, stable material prices, and improved project execution within its two main operating segments.