Innofactor - EBIT misses estimates
Innofactor’s Q3 results were below our estimates. Net sales amounted to EUR 13.8m (Evli 14.2m) while EBIT was weak, at EUR -1.2m (Evli -0.3m), partly due to the lower net sales. Innofactor concluded co-operation negotiations and reorganizations, expecting a total positive impact on group EBITDA of EUR 2.4m beginning in 2019.
- Net sales in Q3 amounted to EUR 13.8m, slightly below our estimates of EUR 14.2m. Sales growth in Q3 was -2.5 % y/y.
- EBIT in Q3 was EUR -1.2m, falling below our estimates (Evli EUR -0.3m), at an EBIT-margin of -8.6 %. The weaker profitability was partly due to lower than expected sales.
- Guidance (updated 8.10.2018) intact: Innofactor’s net sales are expected to remain at 2017 levels (EUR 65.7m) and operating margin (EBITDA) in 2018 is estimated to be weaker than in 2017 (EUR 1.3m) but positive.
- Operating cash flow during Jan-Sep 2018 was EUR -1.9m.
- Active personnel at the end of the period 591 (2017: 623)
- Innofactor concluded co-operation negotiations and reorganizations, expecting a total positive impact on group EBITDA of EUR 2.4m beginning in 2019.