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Consti - EBIT still slightly negative

Consti’s Q1 EBIT was in line with consensus but slightly below our estimates, at EUR -0.4m (EUR 0.1m/-0.3m Evli/cons.). Consti’s Q1 revenue of EUR 73.5m beat both our and consensus estimates (EUR 64.4m/62.4m Evli/cons.). Consti’s order backlog amounted to EUR 237.8m.
  • Net sales in Q1 amounted to EUR 73.5m (EUR 62.3m in Q1/18), beating both our and consensus estimates (EUR 64.4m/62.4m Evli/cons.). Sales growth in Q1 was 18.0 % y/y.
  • EBIT in Q1 amounted to EUR -0.4m (EUR -0.2m in Q1/18), slightly below our estimates but in line with consensus (EUR 0.1m/-0.3m Evli/cons.). EBIT remained negative due to performance obligations relating to a building purpose modification project while profitability development otherwise was mainly positive.
  • The order backlog at the end of Q1 was EUR 237.8m, down 5.0 % y/y.
  • Guidance reiterated: Consti estimates that its operating result for 2019 will improve compared to 2018.

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