Raute - Revenue and EBIT above estimates
Raute’s Q3 top line and profitability topped our estimates. Inflation pressures eased up a bit while Western demand remained high.
- Q3 revenue grew by 10% y/y to EUR 41.8m, compared to our EUR 34.0m estimate. Project revenue was EUR 22.6m, compared to our EUR 19.0m estimate, while services revenue amounted to EUR 19.2m vs our EUR 15.0m estimate.
- EBIT amounted to EUR 1.4m vs our EUR -0.3m estimate. The remaining Russian project deliveries had a neutral profitability effect. The worst inflation pressures seem to have eased, but inflation remained a challenge in Q3. Component availability is still weak.
- Order intake was EUR 35m, compared to our EUR 38m estimate. Project orders were EUR 24m vs our EUR 20m estimate, while services orders amounted to EUR 11m, compared to our EUR 18m estimate. Modernization orders declined from the comparison period. Overall Western demand remained good, especially in North America.
- Order book amounted to EUR 94m at the end of Q3, of which EUR 6m was attributable to Russia.