Consti - Profitability beats expectations
Consti's net sales in Q2 amounted to EUR 69.3m, in line with our estimates and consensus (EUR 68.5m/70.3m Evli/cons.). EBIT amounted to EUR 2.4m, above our and consensus estimates (EUR 1.8m/1.4m Evli/cons.). Free cash flow improved to a solid EUR 8.1m (Q2/19: EUR 2.7m).
- Net sales in Q2 were EUR 69.3m (EUR 81.2m in Q2/19), in line with our estimates and consensus estimates (EUR 68.5m/70.3m Evli/Cons.). Sales declined -14.7 % y/y.
- Operating profit in Q2 amounted to EUR 2.4m (EUR 0.1m in Q2/19), above our estimates and consensus estimates (EUR 1.8m/1.4m Evli/cons.), at a margin of 3.4 %.
- EPS in Q2 amounted to EUR 0.21 (EUR -0.04 in Q2/19), above our estimates and consensus estimates (EUR 0.14/0.11 Evli/cons.).
- The order backlog in Q2 was EUR 211.8m (EUR 226.8m in Q2/19), down by -6.6 %. Order intake EUR 66.8m in Q2 (Q2/19: EUR 57.4m).
- Free cash flow improved to EUR 8.1m (Q2/19: EUR 2.7m) driven by profitability improvement and release of working capital.
- The corona pandemic had a limited impact, with worksites remaining open in all business areas. Short-term uncertainty in renovation demand outlook due to the possible moving forward of some projects in the negotiation stage.
- Guidance reiterated: The Company estimates that its operating result for 2020 will improve compared to 2019.
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