Alstom Turns To Profit In H1, Orders Down; Sees Organic Sales Growth In FY24; To Cut 1,500 Jobs

French rolling stock maker Alstom SA (AOMFF.PK,ALS.L) reported Wednesday that first-half net profit (Group share) was 1 million euros, compared to last year’s loss of 21 million euros.

Adjusted net profit amounted to 174 million euros, compared to 179 million euros in the same period last fiscal year.

Alstom’s adjusted EBIT was 438 million euros, equivalent to a 5.2 percent aEBIT margin, compared to prior year’s 397 million euros.

The Group sales reached 8.44 billion euros, up from prior year’s 8.05 billion euros.

Alstom booked 8.45 billion of orders in the period, down 16 percent from last year’s 10.07 billion euros.

Looking ahead for fiscal 2024, the company projects organic sales growth of above 5 percent, and aEBIT margin around 6 percent.

The company also confirmed its mid-term objectives.

Further, Alstom initiated a commercial and operational efficiency, costs saving plan to reduce its leverage after negative cash flow.

The company plans simplification of operational setup, including around 1,500 job cuts, representing close to 10 percent of total S&A positions.

At the next Shareholders’ General Meeting in July 2024, the Board will propose Philippe Petitcolin, former CEO of Safran, to be elected as a Board Member, then Chairman of the Board.

As a consequence, the role of Chairman and CEO will then be dissociated, and Henri Poupart-Lafarge will keep the CEO role.

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