Dallas, Texas--(Newsfile Corp. - November 6, 2024) - Aquafil Group (MI: ECNL): Stonegate Capital Partners updates coverage on Aquafil Group (ECNL.MI). In 3Q24, ECNL observed continued improvement within the macro environment in both EMEA and Asia markets, with volumes growing year over year and aligning with company expectations. The Company experienced volume headwinds in North America, but signs of recovery were noted in both fiber product lines despite the impacts of Hurricane Helene in North Carolina. We expect that volumes in North America will increase through the balance of FY24 and into early FY25. On a consolidated basis, ECNL reported improved EBITDA margins compared to 3Q23 despite lower revenue. This improvement is partly due to the increasing percentage of ECONYL(R) sales, which accounted for 56.7% of revenues generated from fibers in the third quarter. The Company also remains focused on debt repayment with a decreasing trend in net financial position, as evidenced by the NFP/EBITDA ratio improving to 4.52x at the end of 3Q24 from 5.23x at the end of FY23. Lastly, ECNL's capital increase operation to further support the Business Plan is expected to be completed by the end of the current year.
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Key Takeaways:
- Volumes sold in 3Q24 up 6.3% compared to the same period of the previous year.
- EBITDA: 48.1 million, up 29.9% compared to 37.0 million for the same period of 2023.
- ECONYL(R) branded products accounted for 54.0% of revenues generated from fibers in the first nine months and for 56.7% in the third quarter.
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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
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