Shares in Accelleron Industries surged on Thursday after the Swiss industrial equipment maker reported quarterly results that exceeded market expectations and raised its full-year guidance.
The company, which provides turbocharging and air management systems for marine and energy sectors, posted adjusted earnings before interest and taxes of $158 million for the quarter, up 12% year-over-year. Revenue reached $420 million, surpassing analyst forecasts of $405 million.
Accelleron also upgraded its full-year outlook, citing strong demand in both marine and energy markets. It now expects organic revenue growth of 8-10% for 2024, compared with a prior range of 5-7%. Adjusted EBIT margin guidance was increased to 18-19%, up from 16-18%.
Analysts at UBS and Credit Suisse raised their price targets on the stock following the results, with UBS citing the company’s "resilient end-market demand" and "strong execution." Accelleron’s shares were up 8.3% at $18.75 in early European trading, outpacing the broader Swiss market.
The company attributed its performance to sustained activity in the marine sector, particularly in commercial shipping, as well as steady demand from energy customers transitioning to cleaner technologies. Orders for turbocharging systems remained robust, with a backlog of $1.2 billion at the end of the quarter.
Accelleron Industries is a spin-off from ABB’s turbocharging business, listed on the SIX Swiss Exchange since 2021. The company serves customers in shipping, power generation, and industrial applications globally.
