In this articleDHER-DEFollow your favorite stocksCREATE FREE ACCOUNTDelivery Hero CEO Niklas Östberg speaking at the Noah tech conference in Berlin on June 13, 2019.Krisztian Bocsi | Bloomberg via Getty ImagesDelivery Hero shares sank Monday morning, extending losses from last week, as investors reacted to preliminary financial results released by the company.Shares were down 8% at one stage during the morning session before paring losses to trade 4% lower by 11 a.m. London time.The financials, which were unaudited and released a week early, show the company grew sales in line with its guidance last year and is forecasting stronger profitability in 2024.Delivery Hero’s decision to share its numbers early were a bid by the company to push back on investor flight last week over the food delivery giant’s asset sales strategy.Here’s how the company did:Revenue: 10.5 billion euros ($11.3 billion) in annual 2023 revenues, versus 10 billion euros expected by analysts, according to LSEG dataAdjusted EBITDA (earnings before interest, tax, depreciation, and amortization): Delivery Hero says adjusted EBITDA “exceeded” 250 million euros ($269.4 million). Analysts had forecast adjusted EBITDA of 254.3 million euros, per LSEGDelivery Hero said group GMV (gross merchandise value), which is the combined value of overall orders on its platforms, grew 6.7% year-over-year to 12.3 billion euros in the fourth quarter of 2023, and by 6.8% to 47.6 billion euros in full-year 2023.Total segment revenue increased 15.7% to 3 billion in the fourth quarter. Full-year sales came in at 11.1 billion euros for the full year, up 15.7% year-on-year.That matches company guidance for “around 15% YoY [year-over-year]” growth in 2023.Adjusted EBITDA, which is Delivery Hero’s measure of profitability, totaled more than 250 million euros in full-year 2023, Delivery Hero said, and the company reported adjusted EBITDA margin of 0.6%.Delivery Hero said the results were driven by healthy order growth in many of its geographies.Most notably, Delivery Hero also gave some rosy guidance for 2024, with the delivery company forecasting group GMV growth of 7-9% for the year, higher than its performance in 2023.Delivery Hero said it expects segment revenue growth of between 15% and 17% in full-year 2024, and an adjusted EBITDA of 725 million to 775 million euros.That would mark a tripling of profits from last year.Delivery Hero maintains it can reach that goal through rising order growth to increase its EBITDA margin incrementally. The company expects to hit a 1.6% EBITDA margin in 2024.Delivery Hero said it would publish additional preliminary numbers for the fourth quarter in a trading update slated for Feb. 14, when it was originally due to report numbers.A tough week for Delivery HeroIt comes after Delivery Hero shares lost more than 26% of their value last week, slipping to their lowest price since 2022, as investors reacted to a mix of news surrounding portfolio asset sales.On Tuesday, Delivery Hero said it would …
Article Attribution | Read More at Article Source
[mwai_chat context=”Let’s have a discussion about this article:nnIn this articleDHER-DEFollow your favorite stocksCREATE FREE ACCOUNTDelivery Hero CEO Niklas Östberg speaking at the Noah tech conference in Berlin on June 13, 2019.Krisztian Bocsi | Bloomberg via Getty ImagesDelivery Hero shares sank Monday morning, extending losses from last week, as investors reacted to preliminary financial results released by the company.Shares were down 8% at one stage during the morning session before paring losses to trade 4% lower by 11 a.m. London time.The financials, which were unaudited and released a week early, show the company grew sales in line with its guidance last year and is forecasting stronger profitability in 2024.Delivery Hero’s decision to share its numbers early were a bid by the company to push back on investor flight last week over the food delivery giant’s asset sales strategy.Here’s how the company did:Revenue: 10.5 billion euros ($11.3 billion) in annual 2023 revenues, versus 10 billion euros expected by analysts, according to LSEG dataAdjusted EBITDA (earnings before interest, tax, depreciation, and amortization): Delivery Hero says adjusted EBITDA “exceeded” 250 million euros ($269.4 million). Analysts had forecast adjusted EBITDA of 254.3 million euros, per LSEGDelivery Hero said group GMV (gross merchandise value), which is the combined value of overall orders on its platforms, grew 6.7% year-over-year to 12.3 billion euros in the fourth quarter of 2023, and by 6.8% to 47.6 billion euros in full-year 2023.Total segment revenue increased 15.7% to 3 billion in the fourth quarter. Full-year sales came in at 11.1 billion euros for the full year, up 15.7% year-on-year.That matches company guidance for “around 15% YoY [year-over-year]” growth in 2023.Adjusted EBITDA, which is Delivery Hero’s measure of profitability, totaled more than 250 million euros in full-year 2023, Delivery Hero said, and the company reported adjusted EBITDA margin of 0.6%.Delivery Hero said the results were driven by healthy order growth in many of its geographies.Most notably, Delivery Hero also gave some rosy guidance for 2024, with the delivery company forecasting group GMV growth of 7-9% for the year, higher than its performance in 2023.Delivery Hero said it expects segment revenue growth of between 15% and 17% in full-year 2024, and an adjusted EBITDA of 725 million to 775 million euros.That would mark a tripling of profits from last year.Delivery Hero maintains it can reach that goal through rising order growth to increase its EBITDA margin incrementally. The company expects to hit a 1.6% EBITDA margin in 2024.Delivery Hero said it would publish additional preliminary numbers for the fourth quarter in a trading update slated for Feb. 14, when it was originally due to report numbers.A tough week for Delivery HeroIt comes after Delivery Hero shares lost more than 26% of their value last week, slipping to their lowest price since 2022, as investors reacted to a mix of news surrounding portfolio asset sales.On Tuesday, Delivery Hero said it would …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
