SRV - Profitability burdens

SRV's net sales in Q3 amounted to EUR 191.1m, below our estimates and below consensus (EUR 261.1m/235m Evli/cons.). EBIT amounted to EUR -1.6m, below our estimates and below consensus (EUR 5.3m/4.6m Evli/cons.).
  • Revenue in Q3 was EUR 191.1m (EUR 209.8m in Q3/20), below our estimates and consensus estimates (EUR 261.1m/235m Evli/Cons.). Growth in Q3 amounted to -9% y/y.
  • Operating profit in Q3 amounted to EUR -1.6m (EUR 1.7m in Q3/20), below our estimates and consensus estimates (EUR 5.3m/4.6m Evli/cons.), at a margin of -0.8%. Profitability affected by material costs and availability and weak financial development of the Tampere Areena project.
  • The order backlog in Q3 was EUR 1038m (EUR 1280m in Q3/20), down by -18.9 %.
  • Construction revenue in Q3 was EUR 188m vs. EUR 261m Evli. Operating profit in Q3 amounted to EUR 1.6m vs. EUR 7.2m Evli.
  • Investments revenue in Q3 was EUR 4.2m vs. EUR 1.1m Evli. Operating profit in Q3 amounted to EUR -2.6m vs. EUR -1m Evli.
  • Other operations and elim. revenue in Q3 was EUR -1.1m vs. EUR -1m Evli. Operating profit in Q3 amounted to EUR -0.6m vs. EUR -0.9m Evli.
  • Guidance specified: revenue to amount to EUR 900-1,000m (prev. EUR 900-1,050m) and operative operating profit (EBIT) to amount to EUR 16-21m (prev. EUR 16-26m).
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