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Consti - Well in line with expectations

Consti's net sales in Q2 amounted to EUR 73.1m, in line with our and consensus estimates (EUR 74.6m/74.7m Evli/cons.), with growth of 3.1% y/y. EBIT amounted to EUR 2.9m, in line with our and consensus estimates (EUR 3.0m/2.9m Evli/cons.). Guidance reiterated: operating result in 2022 is expected to be EUR 9-13m.
  • Net sales in Q2 were EUR 73.1m (EUR 70.9m in Q2/21), in line with our and consensus estimates (EUR 74.6m/74.7m Evli/Cons.). Sales grew 3.1% y/y.
  • Adj. operating profit in Q2 amounted to EUR 2.9m (EUR 2.9m in Q2/21), in line with our and consensus estimates (EUR 3.0m/2.9m Evli/cons.), at a margin of 4.0%. 
  • The increase in construction materials prices had a greater impact than in the comparison period in certain on-going projects and inflation increased indirect costs. COVID also had an impact primarily through increased sick leaves.
  • EPS in Q2 amounted to EUR 0.28 (EUR -0.09 in Q2/21), in line with our and consensus estimates (EUR -0.28/0.27 Evli/cons.).
  • The order backlog in Q2 was EUR 240.8m (EUR 236.2m in Q2/21), up by 1.9% y/y. Order intake was EUR 98.7m in Q2 (Q2/21: EUR 98.5m).
  • Free cash flow amounted to EUR 2.6m (Q2/21: EUR -1.4m).
  • Guidance for 2022 (reiterated): Operating profit is expected to be between EUR 9-13m.  
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