Raute - Results below our expectations
Raute’s Q2 results were clearly below our expectations with respect to revenue and profitability as well as order intake.
- Q2 revenue amounted to EUR 24.4m vs our EUR 29.0m estimate. The shortfall was attributable to project deliveries.
- EBIT was EUR -1.0m, compared to our EUR 1.3m expectation. Order book timing affected the results negatively.
- Q2 order intake stood at EUR 13m (EUR 26m a year ago) while we expected EUR 19m. Order intake for both project deliveries and technology services declined by about half y/y. The pandemic postpones investment decisions but Raute says project cancellations are unlikely and the situation could normalize quickly.
- Order book amounted to EUR 80m at the end of the quarter (EUR 72m a year ago), which we view a rather good figure.
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