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Consti - Earnings remain weaker

Consti's net sales in Q2 amounted to EUR 81.2m, in line with our estimates (Evli EUR 81.3m). EBIT amounted to EUR 0.1m, below our estimates (Evli EUR 0.6m). Profitability continued to be affected by performance obligations of a single building purpose modification project.
  • Net sales in Q2 were EUR 81.2m (EUR 77.8m in Q2/18), in line with our estimates (Evli EUR 81.3m). Growth in Q2 amounted to 4.4 % y/y. Growth was aided by an increase in volume of large comprehensive renovation projects.
  • Operating profit in Q2 amounted to EUR 0.1m (EUR 1.7m in Q2/18), below our estimates (Evli EUR 0.6m), at a margin of 0.1 %. The profitability was still burdened by remaining performance obligations of an individual building purpose modification project, that was essentially completed by the end of Q2/19. The impact was included in our estimates but was larger than anticipated.
  • The order backlog in Q2 was EUR 227m (EUR 286m in Q2/18), down by 20.8 %. The order intake amounted to EUR 57.4m, down 35.2% y/y, reflecting the company’s more disciplined bidding procedures.
  • Guidance reiterated: The Company estimates that its operating result for 2019 will improve compared to 2018.

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