Exel Composites - Q3 figures a bit soft
Exel’s Q3 results came in soft relative to our estimates. There appears to be nothing particularly dramatic, but both top and bottom line landed relatively low after the strong Q2 report.
- Exel Q3 revenue grew by 1% y/y to EUR 33.8m vs our EUR 37.5m estimate. Growth was driven by North America while sales also increased in Europe.
- Wind power landed at EUR 8.0m vs our EUR 8.0m estimate, while Buildings and infrastructure was EUR 7.8m vs our EUR 8.3m estimate. Equipment and other industries amounted to EUR 5.6m, compared to our EUR 6.0m estimate. Growth was particularly strong within Transportation.
- Adjusted EBIT amounted to EUR 1.8m, compared to our EUR 2.7m estimate. The US unit performs at a better level compared to last year while Exel has succeeded quite well in transferring inflation to its prices.
- Order intake was EUR 24.5m during Q3, in other words flat y/y.
- Exel guides FY ’22 revenue to be at last year’s level and adjusted EBIT to increase compared to previous year (unchanged).