Consti - In line with our estimates
Consti's net sales in Q3 declined 16.7% to EUR 68.2m, in line with our estimates and slightly below consensus (EUR 69.6m/72.1m Evli/cons.). EBIT amounted to EUR 2.5m, in line with our estimates and slightly below consensus (EUR 2.5m/2.7m Evli/cons.). Free cash flow at EUR 4.6m (Q3/19: EUR -0.4m).
- Net sales in Q3 were EUR 68.2m (EUR 81.8m in Q3/19), in line with our estimates and slightly below consensus (EUR 69.6m/72.1m Evli/Cons.). Sales declined -16.7 % y/y.
- Operating profit in Q3 amounted to EUR 2.5m (EUR 2.1m in Q3/19), in line with our estimates and slightly below consensus (EUR 2.5m/2.7m Evli/cons.), at a margin of 3.6%.
- EPS in Q3 amounted to EUR 0.21 (EUR 0.17 in Q2/19), in line with our estimates and below consensus (EUR 0.21/0.23 Evli/cons.).
- The order backlog in Q2 was EUR 189.4m (EUR 206.4m in Q3/19), down by -8.2 %. Order intake EUR 31.0m in Q3 (Q3/19: EUR 37.0m).
- Free cash flow improved to EUR 4.6m (Q3/19: EUR -0.4m) and 1-9/2020 cash flow amounted to a stellar 14.7m (1-9/19: EUR -1.1m).
- The coronavirus pandemic has impacted through the postponement of some projects and decreased demand in certain areas. Escalation of the coronavirus pandemic after the reporting period creates further uncertainty to the short-term outlook to the short-term demand outlook of renovations.
- Guidance reiterated: The Company estimates that its operating result for 2020 will improve compared to 2019. The coronavirus pandemic is negatively impacting on Consti’s sales, but performance is expected to remain solid also during Q4/2020.
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