Tomra ended the third quarter of 2021 with sustained quarter over quarter growth. The order intake has been well above 2020 levels, leading to an order backlog close to all-time high levels. The COVID-19 pandemic continues to have some impact on the business, though to a lesser extent than previously. The component shortage situation is overall under control but represents a risk.
Revenues in the third quarter 2021 amounted to 2,883 MNOK compared to 2,578 MNOK in third quarter last year. Currency adjusted revenues were up 15% for Tomra Group. At division level, currency adjusted revenues were up 21% in Tomra Collection, up 21% in Tomra Recycling Mining and up 3% in Tomra Food.
Gross margin was 44% in the third quarter 2021, down from 46% in the same period last year, with all divisions slightly down compared to a strong third quarter 2020.
Operating expenses amounted to 748 MNOK in third quarter 2021, compared to 676 MNOK in third quarter last year.
EBITA was all-time high at 529 MNOK in third quarter 2021, up from 501 MNOK in the same period last year.
Cash flow from operations was 596 MNOK in third quarter 2021, compared to 432 MNOK in third quarter 2020.
“TOMRA achieved record high revenues and EBITA in third quarter. We have a high activity level in all divisions and the pipeline of projects is strong. Our markets have a good momentum, we expand our operations and continue to invest in future development. There is a great amount of competence at Tomra, as well as a strong sense of ownership, and I am confident that we have a solid foundation to develop the business and advance our strategic position,” says Tove Andersen, Tomra President and CEO.
Growth in Europe and high activity level in the markets
Revenues in the business area equaled 1,514 MNOK in the third quarter, up from 1,287 MNOK in third quarter last year. After adjustment for currency changes, revenues were up 21%.
Gross margin was 43% in the third quarter, from 45% in the same period last year, due to product/customer mix, some volume loss in Australia due to temporary lockdowns, and a strong margin in third quarter 2020.
Operating expenses equaled 307 MNOK, compared to 258 MNOK last year, mainly due to business expansion.
For more information:
Espen Gundersen
TOMRA Systems ASA
Tel.: +47 97 68 73 01
Georgiana Radulescu
Tel.: +47 94 10 16 43
Web: tomra.com