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Alfa Laval Corporate AB ( OTCPK:ALFVF ) Q3 2024 Earnings Conference Call October 24, 2024 3:00 AM ET Company Participants Tom Erixon - CEO Fredrik Ekstrom - CFO Conference Call Participants Magnus Kruber - Nordea Klas Bergelind - Citi Max Yates - Morgan Stanley James Moore - Redburn Atlantic Sebastian Kuenne - RBC John Kim - Deutsche Bank Andreas Koski - BNP Paribas Exane Sven Weier - UBS Operator Welcome everyone to Alfa Laval's Q3 2024 Report. I will now hand over to Tom Erixon. Please go ahead.
Tom Erixon Good morning, and welcome to our Earnings Call for the Third Quarter. Let me start with a couple of introductory comments as always. We had another strong quarter with elevated demand in the Marine sector, and the book-to-bill of 1.
17 for the group. The Service growth continued on a high level of 11% in the quarter, the strategic focus on the Service business since many years continues with investments in both infrastructure and people. And finally, the cash flow was strong in the quarter at SEK3.
75 billion. The operational stability in the supply chain is on a good level. After several years of work in restoring a normal level of operating working capital has given positive results with maintained customer service levels.
And so with that, let me go to the key figures. Orders were a bit stronger than expected with good demand in all three divisions, and sequentially stable compared to the second quarter. Invoicing is on a stable growth track supported by a record strong order book.
But part of the project invoicing was on the low level [Technical Difficulty] in Q3, specifically in the Energy Division. The project execution is stable and good, but the phasing in terms of forecasting and recording percentage of completion creates a little bit of volatility perhaps between quarters. The margin strengthened in the quarter.
