Consti - Some softness in growth
Consti's net sales in Q1 amounted to EUR 59.8m, slightly below our and consensus estimates (EUR 63.3m/64.4m Evli/cons.), with growth of 0.9% y/y. EBIT amounted to EUR 0.4m, slightly above our estimates and in line with consensus (EUR 0.0m/0.4m Evli/cons.). Guidance reiterated: operating result in 2022 is expected to be EUR 9-13m.
- Net sales in Q1 were EUR 59.8m (EUR 59.3m in Q1/21), slightly below our and consensus estimates (EUR 63.3m/64.4m Evli/Cons.). Sales grew 0.9% y/y.
- Operating profit in Q1 amounted to EUR 0.4m (EUR 0.1m in Q1/21), slightly above our estimates and in line with consensus (EUR 0.0m/0.4m Evli/cons.), at a margin of 0.6%.
- The increase in construction materials prices had a somewhat higher impact than in the comparison period, COVID also had an impact primarily through increased sick leaves.
- EPS in Q4 amounted to EUR 0.01 (EUR -0.02 in Q1/21), slightly below our estimates and in line with consensus (EUR -0.03/0.01 Evli/cons.).
- The order backlog in Q1 was EUR 205.1m (EUR 196.5m in Q1/21), up by 4.4% y/y. Order intake was EUR 37.6m in Q1 (Q1/21: EUR 69.8m).
- Free cash flow amounted to EUR -0.8m (Q1/21: EUR -2.9m).
- Guidance for 2022 (reiterated): Operating profit is expected to be between EUR 9-13m.