Exel Composites - Proceeding according to plan
Exel Composites reported Q3 figures very much in line with our estimates. Revenue didn’t quite meet our estimate for the quarter, however operating margin came in a bit above our estimate.
- Q3 revenue was EUR 23.6m vs our EUR 24.7m estimate. Wind energy continued to support growth in the Construction & Infrastructure segment.
- Exel Composites posted EUR 1.7m in Q3 EBIT i.e. in line with our expectation.
- Operating margin, at 7.0%, was slightly above our 6.8% estimate.
- Exel says Q3 order intake remained on a good level and grew 9.7% y/y.
- The company says the cost savings program is proceeding according to plan, and the targeted EUR 3m in annual savings will be fully reached in 2020.
- Exel reiterates FY ’19 outlook, expecting revenue and adjusted operating profit to increase compared to previous year.
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