Sanlorenzo revenues grow 7%YoY in third quarter
Sanlorenzo reported strong performance in the first nine months of 2024, with net revenues from new yacht sales increasing 6.9% year-over-year to €669.0m.
This growth was driven by a 15.4% increase in the superyacht division, which offset a slight 0.8% decline in the yacht division. The bluegame division also contributed positively with 3.1% growth.
Sign up for the Superyacht Investor newsletter
“In the first nine months of the year, the results once again confirm the solidity of our group, which continues to grow even in challenging environments, thanks to a balanced and carefully planned strategy,” said Massimo Perotti, chairman and CEO, Sanlorenzo.
“With a net backlog exceeding one billion euros, 90% of which is sold to final clients with whom we have established close and authentic relationships, we are immune to the stocking-destocking dynamics of distribution networks typical of players exposed to smaller-sized and/or lower-positioned product segments.”
Segment wise, the company saw broad-based growth. The company saw a rebound in the Americas region, which grew 38.8%, as well as strong growth in the MEA area (+80.0%) and APAC (+16.6%). Europe remained the largest market but declined 9.0% compared to the prior year period.
The company’s EBITDA is up 8.6% to €123.6m and a margin of 18.5% on net revenues, a 30 basis point increase which translated into a net profit growth of 9.0%YoY to €72.9m compared with the same period last year.
READ: Sanlorenzo delivers impressive year-end results for 2023
Sanlorenzo’s order backlog remained very strong, hitting €1.72bn at the end of the period under review. This backlog represents a growth of 2.7% from last year and is 90% sold to final clients.
The company’s net backlog of €1.05bn represents over 1.1x its net revenues guidance for 2024.
Looking ahead, Sanlorenzo has confirmed its 2024 guidance for net revenues, EBITDA, EBIT and net profit.
Overall, Sanlorenzo delivered a very strong operational and financial performance in the first nine months of 2024.
