EDAG Engineering Group AG Reports Growth in Q1 2024

EDAG Engineering Group AG, a leading provider of engineering services, announced an increase in key financial metrics for the first quarter of 2024. The company reported a revenue rise of 2.9%, reaching EUR 217.5 million. This increase is attributed to significant growth in the Vehicle Engineering and Production Solutions segments.

The adjusted EBIT also saw a slight improvement, totaling EUR 13.4 million, maintaining a stable adjusted EBIT margin of 6.1%. Additionally, the company experienced a notable boost in free cash flow, which surged to EUR 26.3 million from the previous year's EUR 7.3 million.

Despite challenges in the Electrics/Electronics segment, which saw a turnover decline of 3.4%, EDAG's overall earnings performance aligns with its full-year expectations for 2024. The positive financial results highlight EDAG's robust operational capabilities under challenging conditions.